Starwood Considers Exiting Louvre Hotels – Report

Starwood Capital Group is considering options to sell Louvre Hotels, Reuters reported citing French daily Les Echos. The Greenwich, Conn.-based firm is looking at the possibility of a stock market listing or a sale, the paper said. Louvre Hotels is a France-based hotel group.

(Reuters) – Starwood Capital is considering options to sell Louvre Hotels, Europe’s number-two budget hotel group, French daily Les Echos reported on Friday.

The U.S. investment firm is considering either a stock market listing of Louvre Hotels or its sale, the paper said.

Starwood Capital declined to comment.

“Starwood Capital has launched the process to be ready at end-2011 or early 2012. Preparing for a possible bourse listing takes time but the decision will depend on market conditions. Starwood Capital is by nature opportunistic,” a source close to the matter told Les Echos.

Starwood Capital took on Louvre Hotels as part of its acquisition of Taittinger’s hotel and champagne empire in 2005.

(Reporting by Dominique Vidalon; Editing by Hans Peters)