Sunday, May 20, 2012
DOHA (Zawya Dow Jones)--Qatar's Al Faisal Holding Co., owned by the ruling Al Thani family, have bought the Radisson Blu Aqua Hotel in Chicago, adding another property to its growing portfolio of real estate assets around the world.
By 2020 the group hopes to own 25 hotels in prime cities across the globe and currently has 18 properties in the Middle East, North America, South America and Europe either in operation or under development. In September last year, Al Faisal, a privately-held conglomerate active in the industrial, real estate and hospitality sectors, bought the W Hotel in London for GBP200 million.
The Radisson deal was done through Seldar Holdings, the North American investment arm of Al Rayyan Tourism and Investment, or Artic, Al Faisal's international hospitality subsidiary, Al Faisal said in a statement Sunday. It didn't provide a value for the transaction.
Wealthy Qatar has developed a taste for prime property around the world. It owns the London department store Harrods and the former U.S. embassy site in the British capital.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
20-05-12 1310GMT
