Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Donors pledge millions at Uganda refugee summit

Read more

MEDIAWATCH

Depp plumbs depths of bad taste

Read more

THE WORLD THIS WEEK

France's new frontman, America's absent center, May's Brexit gambit, Saudi royal reshuffle, after Mosul & Raqqa fall

Read more

REVISITED

Senegal’s Casamance hopes for new era of peace

Read more

THE INTERVIEW

FARC disarmament a 'historic day' for Colombia, says president

Read more

FASHION

Cruise collections: All aboard for Dior and Chanel's latest fashions

Read more

ENCORE!

Colombia comes to France

Read more

#THE 51%

The last taboo: Helping women and girls. Period.

Read more

DOWN TO EARTH

Who benefits when the ice caps melt?

Read more

France

Qatari group to buy French luxury hotels

Text by News Wires

Latest update : 2012-06-22

Four luxury French properties belonging to an American hotel group are to be sold to Qatari investors, a union representative said on Friday. Sources say the Qatari group is looking to extend its luxury hotel portfolio.

AFP - US hotel group Starwood Capital is to sell four key French properties, including the famed Martinez in Cannes and the Concorde Lafayette in Paris, to a Qatari investor, a union official said on Friday.

Starwood Capital's Groupe du Louvre will hold a meeting on Thursday with the sale of the Martinez, Concorde Lafayette, Hotel du Louvre and the Palais de la Mediterranee in Nice on the agenda, union representative Claude Levy told AFP.

Starwood Capital in Paris declined to comment on the sale.

"A promise to sell has been signed recently and there will be an announcement on the matter on Thursday June 28. The sale has been imminent for a while," said Levy.

A source close to the sale said the buyer was Katara Hospitality, formerly known as Qatar National Hotels Co., which is looking to extend its luxury hotel portfolio.

Katara Hospitality notably owns Paris's luxury Peninsula hotel that is to open next year.

Industry website Hospitality On says that Katara Hospitality announced in May that it wanted to go from owning 24 hotels to owning 60 by 2030.

"We know it's Qataris, but nothing more," Levy said, adding that the four hotels currently employ a total of 1,200 people.

 

Date created : 2012-06-22

  • QATAR

    Europe comes under a shower of Qatari cash

    Read more

  • BANKING

    Qatari investors to buy Dexia's Luxembourg unit

    Read more

  • QATAR

    Qatar bids for stake in aerospace giant EADS

    Read more

COMMENT(S)