22/05/2014 – Cinco Dias
The Intercontinental Hotel in Madrid changes the owner again. One of the sovereign wealth funds of Qatar, Katara Hospitality, bought the property from another Qatari investment fund GSSG (Ghanim Bin Saad al Saad & Sons Group Holdings) for around €60 million.
Together with the hotel, the fund belonging to Qatar´s royal family has also acquired four other establishments managed by the IHG group in Europe, properties situated in Rome, Frankfurt, Amsterdam and Cannes.
During three years, the Intercontinental hotel in Madrid has been transferred four times. In 2012, GSSG bought the property and after a year put it up for sale at asking €70 million. Before that, the establishment belonged to Libenese Toufic Aboukhater.
This is not the first acquisition of the buyer as Katara Hospitality, former Qatar Holding, has also sealed deals with such hotel giants as Ritz-Carlton, Sheraton, Marriott or Starwood Hotels. Moreover, it is working on creation of its own brand chain, Merweb.
In February, another Qatari fund, QAFIP, bought the Renaissance hotel in Barcelona for around €78 million from Marriott.
Original article: Cinco Días (by L. Salces)
Translation: AURA REE