Saudi prince pays pounds 104m for George V

Granada is selling the George V hotel in Paris, a legacy of its takeover of Forte earlier this year, for pounds 104m to Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud of Saudi Arabia.

The George V is located in the heart of Paris's most fashionable district, fronting on the Avenue George V on the Right Bank. Since opening in 1928, the 258-room hotel has been a favourite among celebrities and dignitaries. Prince Alwaleed said yesterday. "The Hotel George V is one of the most famous hotels in Europe and we believe it has the potential to become one of the most successful hotels in the world."

The prince is well known for making grand-scale international investments. His father, Prince Talal Bin Abdulaziz, is a brother of the King of Saudi Arabia, and his grandfather, King Abdulaziz, founded the Kingdom of Saudi Arabia.

The prince's investments include interests in the Four Seasons Regent international luxury hotel chain and the Fairmont hotel chain.