Starwood, Lehman put Le Meridien Nice up for sale

Unlisted US real estate firm Starwood Capital and US bank Lehman Brothers said on Thursday that their joint venture, Starman UK Services, has instructed Christie + Co to look for buyers for the Meridien Nice Hotel. They said the hotel will be sold complete with a long-term management contract with Starwood Hotels & Resorts under the Le Meridien brand.

Starwood and Lehman acquired the Meridien group in 2005 for an undisclosed sum. Christie + Co declined to say how much the hotel is expected to raise for the sellers.

Le Meridien Nice has 318 bedrooms, including 17 luxury suites, as well as an extensive range of meeting and conference facilities. The hotel is currently undergoing a radical, multi-million euro refurbishment, which will include the full refurbishment of 184 bedrooms, and a face-lift of the public areas.

'This is a rare opportunity to invest in one of the Côte d'Azur's most renowned hotels, as a single asset. The Le Meridien Nice is firmly established as the leading hotel in its market, consistently performing ahead of its competitor set,' said Jeremy Jones, director of Corporate Hotels at Christie + Co. adding that they expect plenty of interest from both local and international investors.