Katara Hospitality, the Qatar-based hotel owner, developer and operator, has acquired five European hotels, all in different cities and all under the same InterContinental Hotels flag.
The hotels purchased: the InterContinental Carlton Cannes, the InterContinental Amstel Amsterdam, the InterContinental Madrid, the InterContinental Frankfurt, and the lease hold interest in the InterContinental De La Ville Rome.
The total acquisition cost was not revealed.
The acquisition brings Katara Hospitality’s global portfolio to 32 hotels in operation or under development. The company reportedly bested its established goal of 30 properties by 2016.
Sheikh Nawaf bin Jassim bin Jabor Al Thani, the chairman of Katara Hospitality, said of the deal: “We are delighted to be able to add these five hotels to our portfolio of iconic properties across the world. We are pleased to welcome the InterContinental brand into our current portfolio of partners and we look forward to extending our relationship in the future.”
Hamad Abdulla Al Mulla, CEO and board member of Katara Hospitality, added: “We will look to commit investment funds for necessary renovations or refurbishments, as we do across our portfolio. Our typical renovation strategy brings an iconic hotel back to its full glory, combining its rich heritage with all the modern facilities required in a 21st century hotel.”
Angela Brav, CEO of Europe for IHG, said: "We're thrilled to be working with Katara Hospitality for the first time. With properties in more than 60 countries and over 180 hotels globally, InterContinental Hotels & Resorts is truly an international brand. We will continue to manage these five flagship hotels on their behalf and look forward to taking our partnership from strength to strength."
Next up for Katara is the August opening of the Peninsula Paris. The hotel is the result of a 20/80 investment project between Peninsula’s owners Hongkong and Shanghai Hotels and Katara.
The company now has properties or projects in 14 countries, with a total of 7,103 rooms operational or under development.