Starwood continues to manage hotel.
Yesterday evening SBM announced that its fully owned subsidiary Societe Hoteliere du Larvotto had acquired the lease of the Meridien Beach Plaza. The contract runs until 30th September 2018, during which time Starwood will continue to manage the property under the Meridien brand on behalf of Monte Carlo SBM. With more than 400 rooms, the 4 star hotel has a private beach, business centre and fitness club.
Yesterday's news follows the recent announcement by SBM of another year of poor financial results. Some foreign investments have been abandoned, such as the management of a hotel complex in Marrakech. Only the Abu Dhabi Monte Carlo Beach project has reached fruition. In the meantime, SBM continues to woo potential customers in New European and Asian markets.
In Monaco, the transformation of the Balmoral Hotel is nearing completion and SBM's Larvotto Villas should be ready in 2014. Demolition work on the Sporting d'Hiver is also expected to start that year.
As for the Meridien Beach Plaza, no post-2018 plans have yet been revealed.