Qatar’s Constellation Hotel Holdings, indirectly controlled by Qatar Holding has recently agreed to pay 800 million euros for the former luxury portfolio of Louvre Hotels, controlled by Starwood Capital. Qatar’s acquisition includes: Hotel du Louvre and Concorde Lafayette – both in Paris, Hotel Martinez in Cannes and Palais de la Mediterranee in Nice. Starwood Capital motivated the sale with its intention to focus on the development of the high end luxury Baccarat Hotels worldwide, with the first Baccarat Hotel to open in New York.
Constellation Hotel Holdings has tapped Hyatt to manage the four hotels, each to be re-branded starting April 2013: Hotel Martinez will be rebranded Grand Hyatt Cannes Hotel Martinez ; Palais de la Mediterranée Hotel and Casino will be rebranded Hyatt Regency Nice Palais de la Mediterrané Concorde Lafayette will be rebranded Hyatt Regency Paris Etoile ; Hotel du Louvre will enter the Hyatt brand family with its identity intact and will be marketed initially as Hotel du Louvre. Following a renovation, the hotel is to become an Andaz Paris.
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