By Staff writer
Qatar Investment Authority reportedly chasing deal for St Regis hotels in New York and San Francisco
Qatar's sovereign wealth fund is reportedly in talks to buy luxury hotels in New York and San Francisco from Starwood Hotels & Resorts Worldwide.
Bloomberg reported on Thursday that the Qatar Investment Authority is in advanced talks to buy the St Regis hotels, citing people with knowledge of the discussions.
The properties may be worth as much as $1 billion, the sources told Bloomberg. The St Regis New York on 55th Street off Fifth Avenue, has 238 rooms while the California property has 260 rooms.
Both Qatar Investment Authority and Starwood declined to comment to the newswire.
Starwood announced in September that it has agreed to sell The Westin Excelsior Rome to Qatar's Katara Hospitality for $251 million.
Qatar Investment Authority has invested about $38 billion in property around the world, with $21.7 billion in office transactions and $7.5 billion for hotels.
Last year, the fund committed to spend $35 billion in the United States over the next five years, continuing the Gulf Arab state's diversification from investments traditionally focused on Europe.
It also opened an office in New York, which it said was a sign of its confidence in the United States and the wider Americas.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.