Qatar's Barwa snaps up two Swiss hotels

by John Irish Monday, 16 June 2008

Barwa Real Estate said on Monday its international arm had bought two hotels in Switzerland to help expand its global real estate portfolio.

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Barwa, an affiliate of the Qatar Investment Authority's (QIA) $40 billion property wing, is expanding its international portfolio and bought the Royal Monceau hotel, which is near the Arc de Triomphe in Paris, in October.
The firm will renovate the Hotel Schweizerhof in Berne and the Royal Savoy Hotel Lausanne, it said in a statement on the bourse website.

"The investment came to strengthen the firm's strategic expansion in Europe and the globe, and to develop an internationally balanced portfolio of real estate assets," it said.

It did not give a value for the deal.

Barwa, which operates according to Islamic law, is already developing hotels in Switzerland.

It is 45 percent-owned by Qatari Diar Real Estate Investment Co., a unit of Qatar's sovereign wealth fund. (Reuters)



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