• Starwood Capital to sell bulk of Concorde

Starwood Capital has struck a deal to sell a group of hotels from the Concorde Groupe to JJW Hotels, the Saudi-owned hotelier.

It is understood that 12 owned properties are involved including the Martinez in Cannes and La Fayette in Paris. Not in the deal are the Crillon or Louvre.

No numbers have been revealed by either side but speculative valuations have reached the Eu1.5bn mark.

Barry Sternlicht, CEO of Starwood Capital, said this week that a contract with JJW was in place "with a substantial deposit" and negotiations were underway with unions. He expected a completion "some time next year".

Peter Tyrie, chief executive of JJW Hotels, confirmed that a deal was on the cards, although he admitted that it was being driven by Sheikh Mohamed Bin Issa Al Jaber via MBI International, the parent of JJW, rather than through JJW itself.

Separately, Starwood Capital is understood to have agreed a deal on the Ambassador in Paris with Westmont.

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