Qatar Purchases Five Intercontinental Hotels
Katari Hospitality, part of the Qatar Investment Authority sovereign wealth fund that specialises in domestic and foreign investment, has added to its growing portfolio by purchasing five Intercontinental hotels.
Located across five European cities, the hotels include the Carlton InterContinental in Cannes and Amsterdam’s Amstel InterContinental, according to a report by Bloomberg.
The report additionally suggests that Katari Hospitality will also be taking join control of InterContinental hotels in Frankfurt, Madrid and Rome.
Katari Hospitality have already made significant inroads into the hotel industry, with their existing portfolio including the Raffles Hotel Singapore, Le Royal Monceau – Raffles Paris, Schweizerhof HotelBern and Renaissance Sharm El Sheikh Golden View Beach Resort in Egypt.
Further properties are under development in Lucerne, Comoros, Tangier and Gambia.
Amongst the Qatar Investment Authority’s most notable purchases in recent years has been French football club Paris St Germain, as well as buying significant shares in car manufacturers Volskwagen and Porsche.