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Wednesday, Feb 8, 2023

Starwood Buys Champagne Firm to Get Hotels

Starwood Capital is buying majority stakes in the French companies behind Taittinger champagne and the Paris hotel Le Crillon, and is looking to sell the champagne business, it said on Friday.


Real estate investment firm Starwood Capital said it was buying holding company Taittinger, owner of the renowned champagne brand, in a deal valuing the company at $1.4 billion. The purchase of Taittinger gives Starwood 44 percent of the hotel and luxury goods group Societe du Louvre, which runs the Baccarat crystal works and Annick Goutal perfumes.


Starwood is also seeking advice from the Taittinger family on how best to dispose of the champagne unit.


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