Qatari firm buys Singapore and Paris Raffles hotels

Hotel News - 16/01/2012

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Qatar National Hotels Co. said in an official statement released at the weekend that it had closed a deal for both the Le Royal Monceau Raffles in the French capital and Raffles Hotel Singapore in the city-state’s Marina Bay area. A sale amount was not disclosed.

Hamad Abdulla Al Mulla, chief executive of QNH, said in the statement that the acquisition of the two “iconic” hotel properties represented his company’s ongoing strategic efforts to strengthen its portfolio on an international level.

Featuring 103 guest suites, the historic Raffles Hotel Singapore first opened in the 1880s and was designated a National Monument by the Singaporean government upon its 100th birthday, whilst the Le Royal Monceau has become a classic property in Paris since its opening in 1927, QNH said in the statement. Both properties were previously owned by Canadian firm Fairmont Raffles Hotels International.

The two new properties join QNH’s assortment of hotels in Egypt and Doha, where the firm has ongoing partnerships with international hotel brands such as Marriott International as well as Ritz Carlton Hotel Co.

State-backed Qatari firms have entered a number of new investment opportunities in recent months, including acquiring the primary stake in the Paris Saint-Germain football club and the purchase of European energy firms.

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