Alrov completed its acquisition of the Hotel Lutetia.
Alfred Akirov continues to expand his hotel business. Alrov Properties and Lodgings Ltd. (TASE: ALRPR) today completed the acquisition of the Hotel Lutetia in Paris for €135 million, three months after signing an options agreement. Transaction costs total an additional €7 million.
Alrov paid made an advance payment of €10 million when it signed the options agreement in April. The 100-year old luxury 231-room Hotel Lutetia is at 45 boulevard Raspail in Paris's fashionable St. Germaine quarter. It has a staff of 240.
The deal was made through a unit of subsidiary Locka Holding BV, in which Alrov Properties owns an 80% stake.
Published by Globes [online], Israel business news - www.globes-online.com - on August 1, 2010
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