LVMH founder Bernard Arnault, through his family holding company Financière Agache, has acquired the luxury 20-room Hôtel Cap-Estel in Èze, France, for an amount reported to be €200 million (€10 million per room). The property is situated on a two-hectare private seafront peninsula halfway between Nice and Monaco, below the historic medieval hilltop village of Èze. The hotel includes a restaurant, bar, two swimming pools and three meeting rooms. The price per room sets a new benchmark, which reflects the uniqueness and extreme paucity of this type of asset and the growing demand from the super-rich for ultra-luxury hotels.
