The five-star Prince de Galles hotel in Paris has been sold to a Saudi-based company, MH Limited Partnership, for an estimated €141.5m (£111.05m).
The Mussallam family, who own MH Limited Partnership, acquired the hotel which is located near the Champs Elysees from the bank Caisse Autonome Nationale de la Securite Sociale dans les Mines, in one of the few large hotel acquisitions this year.
The 168-bedroom palace hotel is located on Avenue George V and is adjacent to the Four Seasons Hotel. It is managed by Starwood Hotels and Resorts, which operates the property under its global Luxury collection brand.
Alexis Delprat, head of Savills' European hotels team, who acted on behalf of the purchaser, says: "The Prince de Galles is a landmark hotel in Paris and represents one of the largest trophy hotel asset transactions to date.
"In advising on this transaction we have been able to demonstrate our international hotel advisory expertise and the depth and strength of our local market knowledge."
By Gemma Sharkey
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