It’s only money — but it’s more than most people will ever see
The Hotel Prince de Galles in Paris, refuge to the very rich and famous, has been sold. And it wasn’t for pennies.
Molinaro Koger announced the company arranged the financing for the purchase of the hotel on behalf of the Musallam family, who for the past 16 years, has owned the leasehold on the hotel located in Paris’ “golden triangle” at 33 Avenue George V, Paris, 75008.
Ali Baheri, managing director of MK’s Middle East operations and Ed Blum, managing director of MK’s Capital Markets Group, negotiated the transaction. “Our acquisition of the freehold lease demonstrates our commitment to the property as well as Paris,” said Sheik Ibrahim Mussallam.
The acquisition price was a mere €141 million and the group is planning to spend €80 million renovating the property. Some may be feeling the current economic turmoil, but this group clearly isn’t.
Ali Baheri said, “We continue to see a lot of activity from our Middle Eastern clients and with Molinaro Koger’s vast range of advisory services including brokerage and financing, we are pleased to be able to assist our clients diversify their financial holdings across Europe, Asia and North America.”
The Hotel Prince de Galles is operated by Starwood Hotels as part of its Luxury Collection brand. Built in 1928, it has 138 guest rooms, 30 suites, a restaurant, bar and meeting rooms. If you want hot and cold room service, don’t worry. Your wish is the hotel’s command.
The legendary hotel is one of Paris’ great Art Deco properties, complete with gold leaf chandeliers and marble floors. In 2004 and 2005 it was named on Condé Nast Traveler’s Gold Lists.
Prices for the “new” hotel rooms have yet to be announced. But if you have to ask, you can’t afford to stay there. The adage that the rich get richer while the “poor” take a hit couldn’t be more true in this case.
Karen Fawcett is president of Bonjour Paris.
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Well, Abu Dhabi now owns 90% of the Chrysler Building in NYC. (Maybe they didn’t want the basement.) They plunked down a mere 800 mil for it. I don’t know if they are crazy for art deco or if they are out to own the world!
I suspect it’s the latter — and they have the money!