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Saudi Family Buying, Upgrading Paris Hotel

(October 2008) posted on Mon Oct 06, 2008 EDT


Hotel real-estate broker Molinaro Koger has arranged financing for the Saudi-based Masallam family to purchase the freehold of the Hotel Prince de Galles in Paris for about $195 million. The family has owned the leasehold on the property for 16 years. Sheik Ibrahim Mussallam said the family plans to spend another $110.7 million to refurbish the property. The Hotel Prince de Galles, located on Avenue George V, is operated by Starwood Hotels as part of its Luxury Collection brand. Built in 1928, it has 138 guest rooms and 30 suites, a restaurant and bar and meeting rooms. 

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