Carlton InterContinental Cannes to be acquired by Qatar investment group

Less than 8 months after it had been acquired by Lebanese businessman Toufic Aboukhater, the prestigious luxury Carlton InterContinental in Cannes on France’s Cote d’Azur is to be sold to a Qatar investment group according so several market sources. A resident in Monaco, Toufic Aboukhater acquired in April this year several five star properties in Europe, including InterContinental hotels in Vienna, Budapest and Madrid from Morgan Stanley. He is estimated to have paid 450 million euros to Morgan Stanley, in a deal with involved 6 five star hotels.

The hotel management of Carlton InterContinental Cannes announced recently much needed and vital renovation and refurbishment works of the hotel will start August 2012 till 2013, with the hotel likely to be closed for the entire duration.

Several Qatar business entities have been making solid acquisitions of luxury hotel properties in Europe such as Le Crillon Hotel (Paris), Peninsula Hotel (Paris), Morgans Hotels (London), W Hotel Leicester Square (London).