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Speculation suggests sale price of $200 million for Parisian icon
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Alrov Group is the new owner of the historic Le Lutetia hotel in the French capital. The Israeli real estate group purchased the Left Bank legend from the Starwood Capital-owned Louvre Hotels Group for an undisclosed amount. However, various news sources reported a rumored price tag of around $200 million for the 230-room property. According to Le Figaro, Alrov plans to upgrade the 100-year-old hotel from four to five stars.
The deal for this one-time Nazi haunt-turned-welcome center for concentration camp survivors is a major step in Alrov's strategy to expand its luxury hotel portfolio. Acquisition targets include landmark buildings in major European cities with strong tourism demand, as well as New York. Firmly committed to the five-star sector, Alrov is looking at existing hotels, conversions and opportunities with residential components.
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