Starwood Capital sells Paris' Meridien Etoile for healthy sum

Hotel investment firm Starwood Capital and the estate of the collapsed bank Lehman Brothers have sold the Meridien Etoile in Paris for a reported $380.5 million. Cedar Capital Partners, which advised on the 2005 sale of the Savoy in London, also advised on this transaction.

At 1,025 rooms, the hotel is one of the largest in Europe and, according to a source close to the deal, and as reported by City A.M., it was purchased by private equity firm Mount Kellett Capital Management.

Cedar has been among the most active investors in Europe over the past three years and founder Ramsey Mankarious has worked with Mount Kellett several times, most recently when they acquired another Parisian hotel, the Sofitel le Faubourg for €115m last year.

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.