DOHA, QATAR—Qatar Investment Authority isacquiring joint control of a portfolio of luxury European hotelsincluding the Carlton InterContinental inCannes and Amsterdam's AmstelInterContinental. This according to a report fromBloomberg.

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The Qatari sovereign wealth fund's KataraHospitality unit is also taking joint control ofInterContinental hotels in Frankfurt, Madrid and Rome, according toa notice on the website of the European Commission's competitionauthority. The hotels are managed by and will continue to bejointly controlled by the U.K.'s InterContinental HotelsGroup Plc.

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Qatar has acquired trophy stakes in companies includingVolkswagen Ag, Tiffany & Co (TIF) andHarrods department store in London. Katara, whichbought Le Royal Monceau in Paris in 2012, plans to more than doubleits properties by 2030 and was in talks to buy “iconic” hotels inLondon and Rome, chief operating officer Christopher RJKnable said last year.

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Click Bloomberg to read the full story.

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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.