One of the world's most famous hotels (and a former Luxist Awards nominee for Best City Hotel), Hotel de Crillon in Paris, will soon have new owners. Starwood Capital is selling the hotel to Saudi investors with ties to the royal family for a sum said to be around 250 million euros ($353.6 million). That number is quite a bit less than the 420 million euro sum that it was reportedly listed at last year.

French newspaper Le Figaro reported that the buyer may have to spend an additional 100 million euros in renovations. The management of the hotel is expected to go to luxury hotel chain Kempinski, which currently doesn't have a French hotel in its stable. The classical edifice was built in 1758 as a government building commissioned by Louis XV and was converted into a hotel over 100 years ago. Starwood took over the Crillon in 2005.