Qatar’s sovereign wealth fund QIA has extended its reach in Continental Europe by acquiring five luxury InterContinental hotels.
Qatar’s sovereign wealth fund QIA has extended its reach in Continental Europe by acquiring five luxury InterContinental hotels.
Katara Hospitality, a subsidiary of the Qatar Investment Authority, has bought the Dutch company which owns the InterContinental Amstel Amsterdam, InterContinental Carlton Cannes, InterContinental Madrid, InterContinental Frankfurt and the leasehold interest on the InterContinental De La Ville Rome.
The portfolio was sold by Netherlands-based private investor Mansion Danube Coöperatief UA, a company controlled by Lebanese investor and businessman Toufic Aboukhater.
PropertyEU Research puts the investment volume for the Amstel hotel in Amsterdam at around €800,000 per room.
The Qataris were advised on the transaction by law firm Stibbe and White & Case. The seller was advised by law firm DLA Piper.
Katara Hospitality now has a global portfolio of 32 hotels operational or under development, with properties or projects in 14 countries and a total of more than 7,100 rooms currently in use or under development.
Top hotel investor
Qatar was the top investor by volume in the European hotels sector in 2013 as its SWF expanded its network of luxury hotels.
QIA was the largest single investor, accounting for almost €1.3 bn of the activity. All its deals were focused on the luxury hotels segment, a particular favourite among Middle Eastern investors.
Qatar's largest individual transaction was the acquisition of a portfolio of four French luxury hotels from Starwood Capital for €717 mln. Qatar Holdings carried out this transaction through its Constellation Hotels subsidiary in a joint venture with Egyptian real estate developer Talaat Moustafa Group.
Other sectors
The Qataris have also been active in other sectors. Earlier this month, the Qatari SWF reportedly signed a deal to acquire the Credit Suisse headquarters in Milan from US developer-investor Tishman Speyer.
According to Italian press reports, the building at Via Santa Margherita 3 changed hands for €105 mln in cash.
Last year, private investors from the Gulf state acquired the Printemps department store business in France from Deutsche Asset & Wealth Management’s (DeAWM) real estate business and Italian businessman Maurizio Borletti.