QATAR ‘s Al Faisal Holding buys W HOTEL London (updated)
Al Faisal Holding Company, one of Qatar’s largest conglomerates, said on Wednesday it was behind the purchase of a top London hotel. A wholly-owned Al Faisal Holding Company subsidiary, ARTIC is engaged in real estate development, acquisition and leasing with a primary focus on the hospitality sector and hospitality-related services both in Qatar and overseas. The estimated value of the transaction is 200 million pounds.
The acquisition of the W in London brings its current hotel portfolio to 11 properties located across Qatar, Egypt and London, comprising seven fully operational hotels and four under development.
The 10-storey property opened in February this year and has 192 rooms, a Michelin-starred restaurant, a 35,000 square foot M&M’s store and 11 apartments. It was put up for sale in January by property broker Jones Lang LaSalle for Northern Irish developer McAleer & Rushe.
Qatar’s sovereign fund has already purchased luxury department store Harrods and invested important stakes in grocer J Sainsbury, the Olympic athlete’s village in east London, luxury car maker Porsche, the luxury Mandarin Oriental Hotel in Paris and the future Peninsula Hotel in Paris. Qatar Luxury Group, controlled directly by Sheikha Mozah bint Nasser Al Missned, purchased earlier this year French leatherwear brand Le Tanneur and plans further investments in luxury fashion and accessories.
Qatari Diar, Qatar Investment Authority’s property arm, in August announced it had won a bid to buy London’s Olympic Village in a £557m in a joint deal with the UK developer Delancey.