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Wed 3 Dec 2014 01:14 PM

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UAE's Al Habtoor eyes deal for President Lincoln hotel

Al Habtoor Investment says it is in process of buying US hotel pending legal due diligence

UAE's Al Habtoor eyes deal for President Lincoln hotel

A company belonging to UAE billionaire Khalaf Al Habtoor has confirmed it is in the process of buying President Abraham Lincoln Hotel in Springfield, US.

According to reports in the US quoting hotel owner Steve Horve, the sale is scheduled to close on December 16.

A Khalaf Al Habtoor spokesperson told Arabian Business: "This is to confirm that the purchase of the President Abraham Lincoln hotel in Springfield by Khalaf Al Habtoor - Al Habtoor Investment (not Al Habtoor Group) is under process pending legal due diligence."

The hotel, which is within close proximity of Lincoln Home Visitor Centre and Abraham Lincoln Presidential Library and Museum in Springfield, the ancestral home of the 16th president of the United States of America, has about 140 employees and is expected to continue operations under the DoubleTree by Hilton brand.

It was reported that Al Habtoor made an offer for the hotel while accompanying former President Jimmy Carter on a visit to Illinois College in Jacksonville in October.

Al Habtoor owns four hotels in Dubai, including the Waldorf Astoria Palm Jumeirah, and is currently building a three-hotel complex in Business Bay, which will all be operated by Starwood Hotels & Resorts.

Internationally, its most recent purchase was the Intercontinental Budapest, while a British newspaper recently reported that he is planning to front a £1 billion ($1.7 billion) hotel acquisition spree in London.

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