June 24, 2012 · 0 Comments
Nassau Bahamas (www.hospitalitybusinessnews.com) June 24, 2012 – Katara Hospitality has signed an agreement to buy four luxury hotels from U.S. investment group Starwood Capital at a total cost of up to 750 million euros ($940 million), adding to its investment in France, newspapers there reported on Saturday.
French daily Le Figaro said Katara Hospitality, which owns the Royal Monceau hotel in Paris and the Carlton in Cannes, was to buy Le Martinez, one of France’s most prestigious hotels on the Cote d’Azur, famous for hosting celebrities during the Cannes film festival.
The three other hotels are the Concorde Lafayette, l’Hotel du Louvre in Paris, and Le Palais de la Mediterranee in Nice, Le Figaro said.
While Qatar will own the hotels, it will ask U.S. hotel group Hyatt to manage them, Le Figaro said, citing a source close to the matter.