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Sat 6 Dec 2014 09:02 AM

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Qatar firm buys 689-room hotel in New York's Times Sq

Al Rayyan Tourism and Investment Company acquires 97% of The Manhattan at Times Square Hotel

Qatar firm buys 689-room hotel in New York's Times Sq

Qatar's Al Rayyan Tourism and Investment Company (ARTIC) has acquired 97 percent of The Manhattan at Times Square Hotel in New York.

The acquisition is part of ARTIC’s global expansion of its investment portfolio and its strategy of buying high quality assets in prime locations.

The 22-storey property in mid-town Manhattan features 689 rooms and suites, commercial space, and is within easy reach of New York landmarks. The hotel covers 44,100 square metres and is located at 790 Seventh Avenue, Hotelier Middle East reported.

Commenting on the acquisition, ARTIC chairman Faisal Bin Qassim Al Thani said: “Since the creation of ARTIC in 2003, our objective has been to have a presence in major cities around the world through high quality investments. ARTIC’s success and sustainable growth stems from its balanced, long term investment strategy and I am delighted with this acquisition which represents an important addition, bringing our current portfolio to 24 premium hotels and resorts.

“The Manhattan at Times Square Hotel has a superb location; at the very heart of the city and meets our uncompromising investment focus on asset quality, location and architectural design. We will continue to enhance ARTIC’s portfolio of premium hotels in line with the Company’s medium-term plans for a flotation on one of the international stock exchanges. This is our third hotel investment in the US and I am confident that there will be more to come.”

ARTIC is a wholly-owned subsidiary of Qatar’s Al Faisal Holding. The company’s current portfolio comprises 24 hotels and projects in the Middle East and Africa, Europe, and North America.

“As a leading global hospitality real estate investment company with a long-term strategic investment approach, this acquisition fits perfectly with our strategy," added ARTIC CEO Rutger Smits. "The potential of this property is considerable and we have the know-how, successful track record and financial strength to support its development plans.

“ARTIC does not simply look to acquire trophy assets, we also look to buy assets that we can upgrade and to which we can add real value. As we expand our geographical presence, we remain committed to our core values and in particular the three elements on which we never compromise when buying or developing any property: quality, location and architectural design.”

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