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PARIS-The Saudi Arabia-based Musallam family, which has leased the Hotel Prince de Galles for 16 years, has purchased the hotel out of auction for $195 million. Molinaro Koger, based in Washington, DC, arranged the financing for the hotel, which was built in 1928 and is located in the “golden triangle” of the Avenue Champs Elysees, the Avenue George V and the Avenue Montaigne.

The property, along Avenue George V, has 138 guestrooms and 30 suites. Starwood Hotels manages the site, which will soon undergo a $110.6 million refurbishment and rebranding, says Ed Blum, a managing director with Molinaro. “The Musallam family will make an announcement about the repositioning in the next couple of weeks,” Blum tells GlobeSt.com. He said he doesn’t know the details of the renovation. The hotel is known for having a majestic lobby with gold-leaf chandeliers and marble floors.

Blum says the local hotel market remains robust. “We’ll see what happens next year, but right now, especially around the triangle, the market is amazing,” he says.

Ali Baheri, managing director with Molinari’s Middle East operations, also worked on the transaction. “We continue to see a lot of activity from our Middle Eastern clients,” he said in a statement. The Musallam family owns and operates hotels such as the Sheraton Heathrow Airport, Novotel Geneva, Savoy Geneva, Residence Mont Blanc and Movenpick Jeddah Saudi Arabia.

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