DOHA: Qatar’s Constellation Hotel Holdings has acquired 80 percent stake of InterContinental New York Barclay Hotel.
InterContinental Hotels Group (IHG), which will have 20 percent share of the hotel, decided to sell 80 percent to Qatar Constellation Hotel Holdings for $240m.
The contract is good for 30 years starting from beginning of 2014 with two 10-year extension rights at IHG’s discretion.
“This announcement shows the enduring strength of the InterContinental brand and deepens IHG’s relationship with Constellation Hotels,” Richard Solomons, chief executive of IHG, was quoted as saying. He said IHG was delighted to be working in partnership with the Qatari company to manage and refurbish the hotel in a prime location in New York. The Peninsula
