Saudi investors to buy one of world's top hotels

Investment group Starwood Capital will sell one of the world’s landmark hotels, the Hotel de Crillon in Paris, to Saudi investors, according to a report in French daily Le Figaro.

The price cited was 250 million euros and the Saudi interest is reportedly linked to the Royal Family.

It was also reported that the new owners would invest an additional 100 million euros to renovate the hotel, located near the Champs Elysees on the Place de la Concorde.

While Starwood declined to comment it was believed that management of the property would be handed to Kempiski Hotels.

Starwood Capital took on Le Crillon when it acquired Taittinger's hotel and champagne business in 2005.