Qatar widens European investment portfolio
Europe as a favored investment destination for GCC’s cash-rich investors is back in business. A Qatar-based owner, developer and operator of iconic hotels, says it has acquired five properties in key European cities from a private investor.
Katara Hospitality has bought the InterContinental Carlton Cannes, the InterContinental Amstel Amsterdam, the InterContinental Madrid, the InterContinental Frankfurt, and the leasehold interest in the InterContinental De La Ville Rome.
The acquisition brings Katara Hospitality’s global portfolio to 32 hotels operational or under development, topping its long-established goal of 30 properties by 2016.
Sheikh Nawaf Bin Jassim Bin Jabor Al Thani, chairman of Katara Hospitality, says: “This deal provides a major expansion of our footprint, both geographically and in terms of our hotel operator partners.”
Hamad Abdulla Al-Mulla, CEO and board member of the hospitality firm, says: “We will look to commit investment funds for necessary renovations or refurbishments, as we do across our portfolio. Our typical renovation strategy brings an iconic hotel back to its full glory, combining its rich heritage with all the modern facilities required in a 21st century hotel.”
The InterContinental Hotels Group will continue to manage these five flagship hotels on Katara’s behalf.
According to the United Nations Conference on Trade and Development, Kuwait is the biggest foreign investor from the Arabian Gulf region with $44.97 billion in the past five years.
The UAE has build up $37.82bn foreign investment portfolio in the past five years, followed by Qatar ($21.67bn), Saudi Arabia ($17.27bn), Oman ($4.74bn) and Bahrain ($3.64bn) during the same period.