Al Habtoor Group has paid $78.8 million to acquire the Hotel Imperial in Vienna from Starwood Hotels & Resorts in the Dubai-based conglomerate’s latest overseas purchase.
Starwood will continue to run the hotel, which becomes the group’s seventh overseas property, and fourteenth overall.
In December last year, Al Habtoor Group chairman Khalaf Al Habtoor said he had set aside AED2 billion ($545 million) for overseas purchases in 2016.
The investment arm of the group, Al Habtoor Investment, recently bought its first hotel in Lond, the Hilton London Wembley. It also has two hotels in Lebanon, one in the US, and two in Hungary.
In Dubai, the group’s assets include the Habtoor Grand Beach Resort & Spa and the Waldorf Astoria Palm Jumeirah. It recently opened its first property in the Al Habtoor City complex, The St Regis Dubai. Two further properties on the same site will open in the coming months, the W Dubai and The Westin Dubai.
The Hotel Imperial Vienna consists of 138 rooms, including 59 suites, and has three food and beverage outlets. As part of the deal, Starwood said that all rooms and suites would be renovated over the next four years.
“I am delighted to add such a historic hotel to our international hospitality portfolio,” Khalaf Al Habtoor said in a press statement. “The hotel is one of the city’s most renowned pieces of architecture.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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