Katara Hospitality buys five hotels

June 26, 2014 - 12:54:23 am
Employees outside the Peninsula Paris hotel in Paris. The 1908 building, acquired by Katara Hospitality, will open in August after four years of work and an investment of €430m.

Doha: Katara Hospitality, the Qatar-based global owner, developer and operator of iconic hotels, has yesterday confirmed the acquisition of five properties in key European cities from a private investor.

The company has acquired the InterContinental Carlton Cannes, the InterContinental Amstel Amsterdam, the InterContinental Madrid, the InterContinental Frankfurt, and the lease hold interest in the InterContinental De La Ville Rome. The acquisition brings Katara Hospitality’s global portfolio to 32 hotels operational or under development, topping its long-established goal of 30 properties by 2016.

Sheikh Nawaf bin Jassim bin Jabor Al Thani, the Chairman of Katara Hospitality, said: “We are delighted to be able to add these five hotels to our portfolio of iconic properties across the world. We are pleased to welcome the InterContinental brand into our current portfolio of partners and we look forward to extending our relationship in the future.”

Hamad Abdulla Al Mulla, CEO and Board member of Katara Hospitality, said: “We will look to commit investment funds for necessary renovations or refurbishments, as we do across our portfolio. Our typical renovation strategy brings an iconic hotel back to its full glory, combining its rich heritage with all the modern facilities required in a 21st century hotel.”

The company now has properties or projects in 14 countries, with a total of 7,103 rooms operational or under development.

The Peninsula