Thursday, Sep 22, 2011
(This story was originally published Wednesday.)
DUBAI (Zawya Dow Jones)--Al Faisal Holding, a company owned by Qatar's royal family, has bought the W Hotel in London's Leicester Square for close to GBP200 million, the conglomerate said Wednesday.
The 192-bedroom hotel was purchased by Al Faisal's subsidiary Al Rayan Tourism & Investment Company, or Artic, from Northern Irish developer McAleer & Rushe, and brings its current hotel portfolio to 11 properties spread across Qatar, Egypt and London.
Al Faisal Chairman Sheikh Faisal Bin Qassim Al Thani said in a statement the acquisition reflected the company's "clear investment focus on high quality assets in prime locations", and that he wanted to grow the group locally and internationally.
Petrodollar rich Qatar has developed a taste for prime property in London's fashionable West End. Last summer developer Barwa Real Estate bought the Park House development on Oxford Street for $369 million from U.K developer Land Securities. In 2009, the Qataris snapped up the former U.S. embassy in Mayfair's Grosvenor Square.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818;alex.delmar-morgan@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
22-09-11 0345GMT
