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Luxury Le Meridien Beach Plaza hotel in Monaco sold for £22.8m

10 March 2009 by
Luxury Le Meridien Beach Plaza hotel in Monaco sold for £22.8m

The five-star Le Meridien Beach Plaza hotel in Monaco has been sold by Starman Hotels for an estimated €25m (£22.8m).

The 403-room hotel, located near to the Congress Centre of Monaco, was sold to a private individual in Monaco in a deal handled by property agent Christie & Co.

The hotel is the only one in the Principality with a private beach and also includes the 220-seat L'intempo restaurant and a 120-seat Bar & Lunch restaurant.

Felicity Black-Roberts, director of property for Starman Hotels, said the deal is expected to complete in late spring.

Jeremy Hill, director and head of hotels at Christie & Co, said the deal illustrated that there was still "significant life in the market".

"For the right deal, equity and funding can be found," he said. "We anticipate that the response to the marketing of the Columbus, Monaco will produce similar results."

The Columbus, part owned by Ken McCulloch and ex-formula one driver David Coulthard, is up for sale for an estimated €50m (£44.7m).

Starman Hotel is also believed to have completed the sale of the Le Meridien Picadilly in London for an estimated £90m.

Le Meridien on Piccadilly for sale for £90m>>

Starwood Capital says hotel sale rumours are "hogwash">>

Joint venture to take over Le Meridien>>

By Gemma Sharkey

E-mail your comments to Gemma Sharkey here.

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