France’s Versailles, short on cash, seeks paying guests

Fortune

The Palace of Versailles, one of France’s most noted landmarks, has fallen upon hard times. So, the French government has announced it is building a five-star property with the Palace, once the seat of the French monarchy. Three neglected mansion buildings that date back to the 1680s and sit 200 yards outside of the palace gates will be turned into luxury lodging, according to a report by Reuters.

Though the nearly 400-year-old palace 12 miles southwest of Paris is a wildly popular tourist destination—attracting 7 million many visitors a year—the French government has slashed its funding from about $54 million in 2013 to about $46 million this year. The maintenance-intensive complex needs to make up the shortfall somehow.

The renovation of the buildings and the construction of a hotel within Versailles’s walls would cost roughly $4.44 million to $7.77 million, according to French newspaper Journal du Dimanche.

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