Gulf state's investment fund signs agreement for properties on the Costa Smeralda
Qatar Holding said on Monday it had signed an agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, from Colony Capital, the US-based real estate investment firm.
Under the terms of the agreement, Qatar Holding will acquire a portfolio consisting of four luxury hotels with a total of 372 rooms, the Porto Cervo Marina, the Porto Cervo Shipyard, the Pevero Golf Club, a 51 percent interest in 2,290 hectares of adjacent undeveloped land and various other real estate assets in Costa Smeralda.
The existing management team of Smeralda Holding will remain in place following completion of the transaction and Starwood Hotels and Resorts Worldwide will continue to manage the hotels, a statement said.
Closing of the deal is conditional on the receipt of antitrust approval from Italian competition authorities, the statement added.
Ahmad Mohamed Al-Sayed, managing director and CEO of Qatar Holding, said: “We are happy to have agreed terms for the acquisition of this established portfolio of luxury assets in Sardinia.
"We intend to continue supporting the on-going development programme which will see Costa Smeralda strengthen its position as one of the world’s top resort destinations".
Tom Barrack, chairman and CEO of Colony Capital, added: “We are now fortunate enough to transition this stewardship to the best, most respected, qualified and nurturing caretaker on the globe today in our partners at Qatar Holding.
"Their increased investment is a huge vote of confidence for Italy, Sardinia, Costa Smeralda and all of its peoples.”