Nazanin Lankarani reports for the International Herald Tribune on the planned renovation of the Hôtel de Crillon, a Paris icon now owned by a Saudi prince:
Until 2005, the Crillon was French-owned. From 1788 to about 1906, it was the private residence of the Crillon family who gave the property its current name. In 1907, the Société du Louvre, a holding of the Taittinger family known for its Champagne label, acquired the property along with adjacent buildings to create a luxury hotel.
In 2005, the Crillon was sold to the American group Starwood Capital, owner of the chain of the W hotels and St. Regis hotels, who in turn sold the hotel in 2010 to Prince Mitab bin Abdullah bin Abdelaziz al-Saud for a reported €250 million, about $319 million at today’s exchange rates.
Miteb bin Abdullah is son of the King and Commander of the Saudi National Guard (SANG). He is one of senior princes expected to play an important role in future succession plans in the kingdom.