Marriott International has sold its leasehold interests in the Renaissance Barcelona Hotel to an affiliate of the Qatar Armed Forces Investment Portfolio for approximately €78 million, around $105 million, including €45 million ($62 million) cash and the assumption of €33 million ($45 million) of related obligations.
The hotel will continue to be operated by Marriott under a long-term management contract.
"Through the sale of the Renaissance Barcelona Hotel we are delighted to welcome a new partner and owner to our Marriott portfolio," said Amy McPherson, president and MD for Marriott International in Europe. "Barcelona is a key gateway city and one of the world's most popular destinations, and with such a strong and respected owner we are confident about the future of this wonderful hotel and our relationship with QAFIP."
Opened in April 2012 following a major renovation, the Renaissance Barcelona Hotel is located in Barcelona's Eixample District.
Commenting on the transaction, General Brigadier Dr. Eng. Thani Al Kuwari, Assistant for the Financial Affairs to the Minister of State of Defense and Director of Qatar Armed Forces Investment Portfolio, added: "We are very excited to add the Renaissance Barcelona Hotel to our portfolio and look forward to a long and successful partnership with Marriott International."