GRANADA has continued the sell off of some of the world's most famous hotels with the £140 million sterling disposal of the Hotel George V in Paris to the Saudi investor Prince al Waleed bin Tahal.
The prince, a nephew of King Fahd of Saudi Arabia, outbid other contenders for the George V after his previous offer for the whole of the Exclusive chain, acquired through Granada's £3.9 billion takeover of Forte, was rejected.
Under the deal, each of the 294 rooms is valued at more than £475,000.
Prince Jefri, a brother of the Sultan of Brunei, is understood to have been in the running for the George V, as were the ITT Sheraton and Marriott International hotel chains.
The hotel was one of the jewels in Forte's crown and its selling price is some way higher than its book value, thought to have been around £92 million.
