Unlisted US real estate firm Starwood Capital and US bank Lehman Brothers said on Thursday that their joint venture, Starman UK Services, has instructed Christie + Co to look for buyers for the Meridien Nice Hotel. They said the hotel will be sold complete with a long-term management contract with Starwood Hotels & Resorts under the Le Meridien brand.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
