The Mount Kellett investment fund to buy the property and business of the Parisian hotel Le Méridien for 300 million euros, according to Le Figaro.

Starman Hotels, a joint-venture between Starwood Capital and ex-bank Lehman Brothers, is about to sell the business and walls of the hotel Le Méridien Etoile in Paris for 300 million euros. A first attempt failed in 2011 for an estimated amount of 350 million euros. The next owner is said to be the investment fund Mount Kellett that was founded in 2008 by two former partners of Goldman Sachs. The transaction should be signed by summer 2014.

Located across from the Paris Convention Center, in the 17th district, Le Méridien Etoile is a four-star, 1,025 room hotel. It is currently operated by the group Starwood Hotels & Resorts, whose management contract expires in four to five years.

An American investment firm created in 1991, Starwood Capital has close to 32 billion dollars in assets under management. It created a dedicated fund in a partnership with Lehman Brothers to buy the walls of ten or so hotels under the Le Méridien brand, including those in London and Monaco. The latter was sold two years ago to SBM.