Starwood buys Envergure

28 July 2005
Starwood buys Envergure

Starwood Capital is buying Envergure, the second-largest budget hotel chain in Europe, and a stake in luxury hotel group Concorde for £2b.

Envergure has 900 hotels across Europe, including budget brands Campanile and Premiere Classe and its mid-market chains Kyriad and Bleu Marine.

Barry Sternlicht, founder of Starwood Capital Group (SCG), the property investment arm of Starwood Hotels and Resorts, said: "We intend to find growth in the development of budget hotels in France and in emerging markets."

In the same deal, SCG has brought Champagne house Taittinger, which has a 44% stake in Socit du Louvre, which owns Concorde.

  • Starwood Hotels & Resorts' proposal with SCG and investment bank Lehman Bros to acquire 23 of Le Meridien's 35 hotels has been given the go-ahead by the European Commission. All 35 properties will be sold to Newco - a joint venture between SCG and Lehman Brothers - and will be managed by Starwood Hotels & Resorts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking