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FINANCIAL NEWS
Qatar’s Katara acquires 50 percent stake in Savoy Hotel
14 Dec 2014
(MENAFN) Katara Hospitality Co, the Qatar’s government-owned fund, announced it has acquired a 50 percent stake in the Savoy Hotel London, which Saudi’s Kingdom Holding Co. already owns a 50 stake in, Gulf Business reported.
Katara, owned by Qatar’s sovereign-wealth fund, said that it has acquired the stake from Lloyds Banking Group, though it did not provide a value of the transaction, adding that this deal is part of a plan to double its properties by 2030 by buying more property in London and Rome
The Savoy, which is located near the north bank of the River Thames on The Strand, has recently went a USD360 million renovation that took about 30 months and will be added to Fairmont Raffles Holdings International Hotels Co, which both Kingdom Holdings and the Qatar Investment Authority own a 35 per cent stake in together.
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