DOHA, QATAR—Qatar Investment Authority is acquiring joint control of a portfolio of luxury European hotels including the Carlton InterContinental in Cannes and Amsterdam's Amstel InterContinental. This according to a report from Bloomberg.
The Qatari sovereign wealth fund's Katara Hospitality unit is also taking joint control of InterContinental hotels in Frankfurt, Madrid and Rome, according to a notice on the website of the European Commission's competition authority. The hotels are managed by and will continue to be jointly controlled by the U.K.'s InterContinental Hotels Group Plc.
Qatar has acquired trophy stakes in companies including Volkswagen Ag, Tiffany & Co (TIF) and Harrods department store in London. Katara, which bought Le Royal Monceau in Paris in 2012, plans to more than double its properties by 2030 and was in talks to buy “iconic” hotels in London and Rome, chief operating officer Christopher RJ Knable said last year.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
