London-based advisor Cedar closes deal on a Lehman hotel

 
Christian Sylt
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THE LONDON-based hotel advisor who was responsible for putting together the purchase of the Savoy in 2005, Cedar Capital Partners, has closed this year’s biggest deal in Europe, with the Meridien Etoile in Paris being snapped up for an estimated €280m (£227m).

The hotel is being sold by hotel investment firm Starwood Capital and the estate of the collapsed bank Lehman Brothers.

At 1,025 rooms the hotel is one of the largest in Europe and, according to a source close to the deal, it was purchased by US private equity firm Mount Kellett Capital Management with the advisor, Cedar, taking a five per cent stake.

Cedar has been among the most active investors in Europe over the past three years and founder Ramsey Mankarious has worked with Mount Kellett several times, most recently when they acquired another Parisian hotel, the Sofitel le Faubourg for €115m last year. It was sold by Accor.