Hotel Martinez up for sale?

According to a report on Car Rentals.co.uk, the Hotel Martinez in Cannes is being put on sale as part of the Concorde Groupe, currently owned by Starwood Capital. The hotel is one of the key venues on the Croisette, and features strongly in all events held in Cannes. Built in the 30s, it is notable for its numerous reception rooms that host the largest parties in Cannes. At 2,500 m², it ranks second only to the Palais itself in terms of capacity.

The likely acquirer is JJW Hotels & Resorts, part of MBI International controlled by Saudi businessman, Sheik Mohamed Bin Issa Al Jaber.