By Andy Sambidge
Qatar Armed Forces Investment Portfolio inks deal to buy leasehold interests of Marriott Int
US-based Marriott International has sold its leasehold interests in the Renaissance Barcelona Hotel to an affiliate of the Qatar Armed Forces Investment Portfolio (QAFIP).
The €78 million ($105 million) deal includes €45 million cash and the assumption of €33 million of related obligations, Marriott said in a statement.
The hotel will continue to be operated by Marriott under a long-term management contract, it added.
“Through the sale of the Renaissance Barcelona Hotel we are delighted to welcome a new partner and owner to our Marriott portfolio,” said Amy McPherson, president and managing director for Marriott International in Europe.
“Barcelona is a key gateway city and one of the world’s most popular destinations, and with such a strong and respected owner we are confident about the future of this wonderful hotel and our relationship with QAFIP.”
Opened in April 2012 following a major renovation, the Renaissance Barcelona Hotel is located in Barcelona’s Eixample District and close to some of the city’s attractions including two of Gaudi’s architectural masterpieces - La Sagrada Familia and La Pedrera.
Commenting on the transaction, General Brigadier Dr Eng. Thani Al Kuwari, assistant for the Financial Affairs to the Minister of State of Defence and director of Qatar Armed Forces Investment Portfolio, said: “We are very excited to add the Renaissance Barcelona Hotel to our portfolio and look forward to a long and successful partnership with Marriott International.”
Renaissance Hotels is a lifestyle brand within the Marriott International global portfolio.
Marriott International operates more than 3,900 properties in 72 countries and reported revenues of nearly $12 billion in fiscal year 2012.For all the latest travel 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.