>PARIS, Jan 20 (Reuters) – Investment group Starwood Capital wants to beef up its budget hotel business and could part with some of its high-end luxury hotels, including its flagship Le Crillon hotel in Paris, its CEO said in a newspaper interview.
Starwood is also interested in finding a partner to boost the growth of French crystal glass maker Baccarat and perfume house Annick Goutal, Barry Sternlicht told Les Echos.
“We are very happy with the performance of our budget hotel business. It is a very stable business. We want to grow that hotel sector.”
Asked whether Starwood, which put Le Crillon hotel on the market last year but did not reach a deal with Saudi-backed JJW Hotels & Resorts, was still looking to sell its luxury hotels, he said: “We will probably sell some hotels”
On the Crillon, Sternlicht said: “If an interesting offer is made, we will look at it closely. It’s not just a price issue. Let’s be clear, there is currently no deal to sell Le Crillon.”
Starwood was under no pressure to sell assets, having recently refinanced its debt, he however stressed.