Global private equity real estate firm Starwood Capital has reportedly received four bids for its eight-strong hotel portfolio from major hotel chains, backed by sovereign investor equity, as well as its former hotel company subsidiary.
Global private equity real estate firm Starwood Capital has reportedly received four bids for its eight-strong hotel portfolio from major hotel chains, backed by sovereign investor equity, as well as its former hotel company subsidiary.
According to news website Costar, Marriott International, Hyatt Hotels and InterContinental Hotels Group have each made a separate offer for the entire portfolio or the majority of the assets, which are valued at over EUR 800 mln.
Starwood Hotels & Resorts Worldwide, the US listed global hotel company which Starwood Capital established before floating, is also understood to be one of the principal four bidders, the website said.
Jones Lang LaSalle, which is managing the sale jointly with UBS, declined to comment on Tuesday.
The portfolio comprises six French hotels, including three in Paris - Hotel Concorde La Fayette, the Concorde Opera Paris Hotel and the Hotel du Louvre. The other assets are the Hotel Martinez on La Croisette in Cannes, Nice's Hotel Palais de la Méditerrranée and Marseille's Villa Massalia Hotel, as well as the Hotel Concorde Berlin and the Hotel de la Paix in Geneva.
