The Qatar Armed Forces Investment Portfolio (QAFIP), a unit of Qatar's military army, has acquired the leasehold interest in the Renaissance Barcelona hotel from US hotel chain Marriott for around €78 mln.
The Qatar Armed Forces Investment Portfolio (QAFIP), a unit of Qatar's military army, has acquired the leasehold interest in the Renaissance Barcelona hotel from US hotel chain Marriott for around €78 mln.
The deal, representing the Qatari' first investment in Spain, includes €45 mln in cash and the assumption of €33 mln of debt.
The five-star hotel will continue to be operated by Marriott under a long-term management contract.
'Through the sale of the Renaissance Barcelona Hotel we are delighted to welcome a new partner and owner to our Marriott portfolio,' said Amy McPherson, president and managing director for Marriott International in Europe.
Opened in April 2012 following a major renovation, the Renaissance Barcelona Hotel is located in Barcelona's Eixample District and provides a total of 212 rooms.
'Our goal is to invest in Europe's most important cities, including Barcelona, London and Paris,' general Zani al Kuwari told the Spanish press.
