Starwood Capital set to launch luxury brand
Starwood Capital Group is launching a new international luxury brand called the Crillon through its Societe du Louvre affiliate. The company will develop European-style Crillon hotels and serviced residences in major destinations throughout the world.
The Crillon’s flagship is the Hotel de Crillon in Paris, located on Place de la Concorde and one of only six Palace hotels (six-star) in that city.
Each Crillon hotel, like its Paris flagship, will be designed to reflect the unique spirit and soul of its location, aiming to providing guests a one-of-a-kind luxury experience. The hotels and residences will include a full complement of top-line amenities, including premier shopping and dining options, world-class personalized unique service, spa and fitness facilities, and in some instances, a residential component.
Barry Sternlicht, Starwood Capital’s Chairman and Chief Executive Officer, commented: “Starwood Capital intends to pursue a brand growth strategy behind one of the European and global icons of the luxury hotel market. Utilizing the backing of the $2.4 billion raised by Starwood Capital in its two recent funds last year, we will build and partner with global developers to expand this brand into the world’s most important travel markets. With the travel industry experiencing tremendous growth in many regions of the world, the time is right to launch a new, premium luxury hotel brand like the Crillon”.
He added: “The luxury travel market is one of the fastest growing segments in the industry and none of the existing luxury hotel brands are offering the style of European luxury and class that we have envisioned and that the Hotel de Crillon in Paris has been providing for nearly a century.”
In 2005, Starwood Capital raised over $3.0 billion of equity capital and invested more than $1.7 billion in the hospitality area on behalf of its investors. In early January, Starwood Capital completed the $3.2 billion acquisition of Societe du Louvre, Hotel de Crillon’s parent company, whose controlled affiliates include Taittinger Champagne, Baccarat and Annick Goutal, a luxury fragrance brand.