|Concorde luxury hotels portfolio sold.|
Tuesday, 19th February 2013
Source : Jones Lang LaSalle
Sale represents largest transaction in the European market since 2011.
On behalf of Groupe du Louvre, an affiliate of Starwood Capital Group, Jones Lang LaSalle's Hotels & Hospitality Group is delighted to announce the successful sale of the Concorde luxury hotels portfolio to Constellation Hotels France, a Middle East based investor with global hotel holdings.
This portfolio consists of 1,724 rooms in France and includes the Hôtel du Louvre and the Concorde Lafayette in Paris, the Hotel Martinez in Cannes, and the Palais de la Méditerranée in Nice. Going forward, Hyatt is expected to operate the hotels under management agreements.
According to Mark Wynne Smith, Global CEO Hotels & Hospitality, Jones Lang LaSalle: "This sale is great news for the market and bodes well for continued portfolio transaction activity in 2013. It represents the largest transaction in the European hotel market since 2011 and reinforces the international appeal of European gateway cities for real estate investors.”
Commenting on the sale, Sue-Lin Heng, Senior Vice President Hotels & Hospitality, Jones Lang LaSalle said "This transaction brings to fruition the long term relationship Jones Lang LaSalle has with Groupe du Louvre and this iconic portfolio, having advised Starwood Capital in their original acquisition of Societe Du Louvre in 2005 and subsequently advising them in the gradual disposition of the hotels in the portfolio. We are privileged to have had the opportunity to work on this portfolio and delighted to have helped create additional value to the assets.”
Jones Lang LaSalle and UBS advised on the sale.