FINANCIAL NEWS

Qatar’s ARTIC acquires 97 percent of NY hotel

04 Dec 2014

(MENAFN) Al Rayyan Tourism and Investment Company (ARTIC), the international hospitality subsidiary of Al Faisal Holding Company, announced that it has acquired 97 percent of The Manhattan at Times Square Hotel in New York, The Peninsula Qatar reported.

The company said that the hotel is a 22 story property featuring 689 rooms and suites, commercial space and is within easy reach of numerous New York landmarks.

ARTIC said that the acquisition of The Manhattan at Times Square Hotel is another step in its plan to expand its global investment portfolio, with investments in prime locations and considerable value and this acquisition brings their current portfolio to 24 premium hotels and resorts.

“As a leading global hospitality real estate investment company with a long-term strategic investment approach, this acquisition fits perfectly with our strategy. The potential of this property is considerable and we have the know-how, successful track record and financial strength to support its development plans,” CEO of ARTIC said.

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