Alrov Buys Le Lutetia Hotel in Paris From Starwood, Tribune Says

Alrov Properties & Lodgings Ltd. of Israel has agreed to buy the Paris luxury hotel Le Lutetia from Starwood Capital Group, French daily La Tribune reported, without citing anyone.

The Israeli company will spend 80 million euros renovating the hotel, according to La Tribune.

Starwood also plans to sell the Crillon, Hotel du Louvre and Concorde Lafayette hotels in Paris, as well as the Martinez in Cannes, to reduce debt, La Tribune said.