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by Lisa A. Grimaldi | November 10, 2010

According to published reports, Starwood Capital will sell the world-famous Hotel de Crillon in Paris for approximately $350 million to Saudi investors with ties to the royal family. Le Figaro reported that the buyer might have to spend an additional $160 million to renovate the 147-room luxury hotel, which has seven meeting rooms; the story also said the property will be managed by Kempinski Hotels.