Crillon Hotels to Offer Unique Luxury Destinations
Starwood Capital Group today announced plans to launch a new international luxury brand called the Crillon through its Societe du Louvre affiliate. The company will develop European-style Crillon hotels and serviced residences in major destinations throughout the world.
The Crillon’s flagship is the Hotel de Crillon in Paris, located on Place de la Concorde and one of only six Palace hotels (six-star) in that city. Housed in a historic building commissioned in 1758 by Louis XV, the 147-room de Crillon is considered a true Paris institution and has been a favorite of luminaries, including heads of state and celebrities, since it opened as a hotel in 1909. Starwood Capital expects that the Crillon Paris will undergo continuing upgrades in the near future.
Starwood Capital plans to develop Crillon hotels on its own and to partner with other developers and owners and will target properties in the world’s most sophisticated cities, which may include London, Rome, Barcelona, New York, Los Angeles, Chicago, Las Vegas, Tokyo, Shanghai, Beijing, Hong Kong, Delhi, Mumbai, Dubai and Qatar. Starwood Capital is already working on sites in several of these cities with potential partners.
In 2005, Starwood Capital raised over $3.0 billion of equity capital and invested more than $1.7 billion in the hospitality area on behalf of its investors. In early January, Starwood Capital completed the $3.2 billion acquisition of Societe du Louvre, Hotel de Crillon’s parent company, whose controlled affiliates include Taittinger Champagne, Baccarat and Annick Goutal, a luxury fragrance brand. Societe du Louvre’s assets also include the world famous Hotel Martinez in Cannes, the Hotel Lutetia in Paris and Europe’s second largest budget hotel chain with 805 hotels in six countries.
(Source: PRNewswire)