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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