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The landmark Hôtel de Crillon in Paris has been put up for sale by its owner, Starwood Capital, for more than $425 million, the Sunday Times of London reports. Starwood Capital has instructed Eastdil Secured, a property adviser, to find a buyer, the newspaper reports. Starwood has owned the Crillon, located near the Champs Elysées on Place de la Concorde, since 2005.
The company took over the Hôtel de Crillon when its acquired the Taittinger's hotel and champagne empire. The hotel, built in 1758 as a government building after being commissioned by Louis XV, is more likely to be sold to a high net-worth individual or a property investor rather than one of the large hotel chains, the Times reports.
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