Starwood Capital Group is putting up for sale The Martinez Hotel on the French Riviera.
The Greenwich, Connecticut-based firm headed by Barry Sternlicht has appointed Jones Lang LaSalle Hotels to market the luxury five-star property from next week, according to those familiar with the situation.
The 80-year-old hotel on Cannes’s famed boulevard de La Croisette was acquired by Starwood in 2005 when the firm took over Groupe du Louvre, the luxury hotel-to perfume conglomerate. The hotel totals 430,000 square feet over seven floors overlooking the sea and has three restaurants including the 2 star Michelin, Palme d'Or. The property is operated by Concorde Hotels & Resorts, part of Groupe du Louvre.
Apart from being one of the best known hotels in the south of France, it has also become a magnet for property investors descending on MIPIM, the world’s biggest annual property fair held in Cannes in March. A four-room penthouse suite can cost around €34,000 a night while standard rooms can cost up to €700.
Starwood has already sold Hotel Ambassador in Paris. Westmont Hospitality Group acquired the asset for a reported €152 million in November to be managed by Radisson.
The company is said to be currently raising a $2 billion global opportunity fund and a hospitality vehicle aiming to raise $3 billion.