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Starwood Capital sells four hotels in France, Hyatt to manage

Starwood Capital Group has announced that its Groupe Du Louvre affiliate has completed the sale of four hotels in France, which will be managed by Hyatt Hotels Corp., to Constellation Hotels Holdings Ltd. Terms of the transaction will not disclosed.

The hotels, which will be converted to Hyatt brands beginning in April, will add more than 1,700 rooms to Hyatt’s existing hotel portfolio in France. The hotels, each of which will undergo a renovation, will be rebranded as follows:

  • Hotel Martinez will be rebranded Grand Hyatt Cannes Hotel Martinez.
  • Palais de la Mediterranée Hotel and Casino will be rebranded Hyatt Regency Nice Palais de la Mediterranée.
  • Concorde Lafayette will be rebranded Hyatt Regency Paris Etoile.
  • Hotel du Louvre will initially retain its current identity, but following a renovation, the hotel will become an Andaz.

“There is significant demand for our brands in Europe, and we are delighted to expand our representation in these high-barrier-to-entry markets with a single transaction,” said Peter Norman, senior vice president, real estate and development, EAME, for Hyatt.

Starwood Capital acquired the four properties as part of the 2005 acquisition of Societe Du Louvre.  “Completing the sale of a majority of our luxury hotel assets marks an important milestone in the ongoing monetization of the Groupe Du Louvre portfolio,” said Barry Sternlicht, chairman and CEO of Starwood Capital Group. “We have sold more than US$3 billion in assets since closing, and will continue to maximize the value of our remaining assets to generate attractive returns for our investor partners.”

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