Starwood Capital says hotel sale rumours are "hogwash"

29 August 2008 by
Starwood Capital says hotel sale rumours are "hogwash"

Starwood Capital has refuted claims that it is to sell the Hotel Martinez in Cannes, France for €450 (£358m).

It was reported in Property Week that the sale of one of the most prominent hotels on the Cannes conference circuit was being handled by investment firm Alexander Associates Group.

Alexander Associates was said to have sent out sales particulars for the 411-room, on the famed Boulevard de la Croisette, late last week saying Starwood Capital was selling.

But chief operating officer of Starwood Capital Desmond Taljaard, said the claims were "absolute hogwash".

"I'd like to see a mandate from Alexander Associates for this sale, because it's the first I've heard of it", he added.

The Hotel Martinez, which is operated by Concorde Hotels & Resorts, was built in 1929 and refurbished in 2003. It features a beach, heated pool and meeting rooms totalling 27,000 sq ft.

Property agents CB Richard Ellis published a report on the French hotel market recently that revealed hotel investment volumes had fallen from €2bn (£1.6bn) in the first half of 2007 to just €800m (£636m) this year.

Battle of the hotel brands >>

Starwood Capital to launch Baccarat luxury hotel brand >>
U2's Bono gets permission to redevelop Clarence hotel and other international hotel news >>

By Gemma Sharkey

E-mail your comments to Gemma Sharkey here.

The Caterer Blog]( Catch up with more news and gossip on the Caterer Blog here
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
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