Musallam Pays $195M for Prince de Galles

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.