Qatar's ARTIC buys London hotel
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Al Rayan Tourism & Investment Company (ARTIC), the real estate development arm of Qatari conglomerate Al Faisal Holding, has signed an agreement with Northern Irish developer McAleer & Rushe to acquire the W London Hotel for around £200 million ($309 mill
In addition to the hotel, the 90-ft ten-storey building houses 11 luxury duplex branded W Residencies.
The development is also home to Mars’ 35,000 square feet M&M’s World store, the first in Europe.
The new acquisition brings ARTIC's current hotel portfolio to 11 properties located across Qatar, Egypt and London, comprising seven fully operational hotels and four under development.
McAleer & Rushe, which acquired the former site of the Swiss Centre in 2004 from British Land Company for £47 million, said on Tuesday it had signed a deal with a Qatari investor to sell the property but did not name the firm.
The W London Hotel deal is the latest in a series of investments in British assets by Qatari buyers.
The property arm of Qatar Investment Authority, Qatari Diar had won a £557-million bid in August, in a joint deal with the UK developer Delancey, to buy the Olympic Village in London.
Current investments by the Gulf country's wealth fund include luxury London department store Harrods and stakes in Barclays, retailer J Sainsbury’s and the London Stock Exchange.
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