FINANCIAL NEWS

Qatar reported to own Starwood hotels in Paris for USD940m

24 Jun 2012

(MENAFN) Qatar recently added another valuable asset to its European portfolio as it inked a deal to buy four luxury hotels from US investment group Starwood for a total of USD40 million, local media reported.

Le Figaro newspaper said that the top Gulf LNG exporter was looking to add Le Martinez, one of France’s most prestigious hotels on the Cote d’Azur, to its collection of hotels in France including the Royal Monceau hotel in Paris and the Carlton in Cannes.

Qatar went on a spending spree in Europe, especially in France,in the past few years investing in several sectors industry, luxury, media, real estate and sport.

The three other hotels are the Concorde Lafayette, l’Hotel du Louvre in Paris, and Le Palais de la Mediterranee in Nice, Le Figaro said.

Qatar has bought Paris Saint Germain football club, a 13 percent stake in French media-to-aerospace conglomerate Lagardere, and a stake in Total.

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