Qatar Holding to buy luxury hotels and a golf complex in Sardinia

Pevero Golf Club, Porto Cervo, Sardinia

Qatar’s sovereign wealth fund is set to acquire a number of five-star hotels and a golf club on the Italian island of Sardinia, it has been reported. According to Italian media, Qatar Holding will purchase Smeralda Holding, whose assets on the island include four five-star hotels, the world-class Pevero Golf Club and a marina with 700 yacht berths in Porto Cervo, Sardinia

The assets are currently held by US property magnate Tom Barrack, whose Colony Capital fund acquired Smeralda for a reported €290m in 2003. The sale to Qatar Holding, whose assets in Europe already include London’s Harrods store, would see the Gulf state fund pay off Smeralda Holding’s reported €200m of debt, reports stated