Starwood Capital Completes Sale Of Four Iconic Groupe Du Louvre Hotels In France

  Starwood Capital Completes Sale Of Four Iconic Groupe Du Louvre Hotels In
                                    France

PR Newswire

GREENWICH, Conn., Feb. 1, 2013

GREENWICH, Conn., Feb. 1, 2013 /PRNewswire/ -- Starwood Capital Group, a
leading private investment firm, announced today that its Groupe Du Louvre
(GDL) affiliate has completed the sale of four iconic luxury hotels in France,
continuing the successful resolution of Starwood's 2005 Societe Du Louvre
acquisition which continue to generate strong returns for Starwood's
investors. The assets were sold to Constellation Hotels Holdings Ltd and will
be managed by Hyatt Hotels Corporation going forward. Terms of the transaction
were not disclosed.

The four properties - Concorde Lafayette, Hotel du Louvre, Martinez and Palais
de la Mediterranee - were all acquired as part of the 2005 $3.2 billion
acquisition of Societe Du Louvre, a conglomerate which included Europe's
second-largest hotel network now called Louvre Hotels Group, and Groupe
Taittinger, owner of champagne producer Taittinger CCVC, among other
holdings. "Completing the sale of a majority of our luxury hotel assets marks
an important milestone in the ongoing monetization of the GDL portfolio," said
Barry Sternlicht, Chairman and CEO of Starwood Capital Group. "We have sold
more than $3 billion in assets since closing, and will continue to maximize
the value of our remaining assets to generate attractive returns for our
investor partners. In the coming years, we expect to continue our expansion
and renovation of our Louvre Hotels Group portfolio and to support the growth
of Baccarat into new geographies, with a focus on Asia, expanding its presence
in the hotel and residential arena."

The sale of these four hotels plus prior divestitures of Taittinger CCVC,
Annick Goutal and several other hotel properties have generated approximately
$3 billion in total proceeds. The company retains ownership of Louvre Hotels
Group, which has grown from 805 hotels at acquisition to north of 1,090 hotels
today under its four brands; Premiere Classe, Campanile, Kyriad and Golden
Tulip. Louvre Hotels Group is the eighth largest hotel network in the world
and operates in 39 countries.

Revenue and market share have increased across the portfolio despite
challenging economic conditions in Europe, and Starwood's plans for Louvre
Hotels Group will focus on continuing to improve national sales and
distribution platforms, opportunistically expanding the brand worldwide,
renovating core assets and completing selective accretive dispositions of
non-core real estate. The parent company, GDL, is also the majority owner of
Baccarat S.A., the 248 year old irreverent crystal company focusing on
lighting, jewelry, tabletop and gift categories worldwide. In late 2012,
Baccarat welcomed Catterton Partners into its ownership group. Catterton is a
consumer focused private equity firm based in the United States, with
exceptional experience in growing luxury brands. Baccarat achieved record
sales last year. Baccarat is opening its first flagship hotel and residences
in late 2014 in New York City, on West 53^rd Street just off Fifth Avenue and
directly across the street from the Modern Museum of Art. Baccarat is also
opening a new flagship store on Madison Avenue in New York City this summer.

About Starwood Capital Group

Starwood Capital Group is a private, U.S.-based investment firm with a core
focus on global real estate. Since the group's inception in 1991, the firm
has raised over $16 billion of equity capital and, through its various funds,
has invested $13.7 billion representing $36 billion in assets. Starwood
Capital Group currently has over $22 billion of assets under management.
Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco,
Washington, D.C., Los Angeles and Chicago, and affiliated offices in London,
Luxembourg, Paris, Mumbai and Sao Paulo. Starwood Capital Group has invested
in nearly every class of real estate on a global basis, including office,
retail, residential, senior housing, golf, hotels, resorts and industrial
assets. Starwood Capital Group and its affiliates have successfully executed
an investment strategy that includes building enterprises around core real
estate portfolios in both the private and public markets. Additional
information about Starwood Capital can be found at www.starwoodcapital.com.

SOURCE Starwood Capital Group

Website: http://www.starwoodcapital.com
Contact: Tom Johnson, Abernathy MacGregor Group, +1-212-371-5999
 
Press spacebar to pause and continue. Press esc to stop.