Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Seven African countries' economies at risk over Brexit decision

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

REVISITED

Video: Ugandan city still scarred by Lord's Resistance Army atrocities

Read more

MEDIAWATCH

#Brexit sparks a storm on social media

Read more

BUSINESS DAILY

Markets, pound plunge on Brexit vote

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)