he investment firm bought the iconic department store for US$2.3bn, it was announced on Tuesday.
The first hotel will be a 300-room hotel in Bukit Bintang, the shopping and entertainment district of downtown Kuala Lumpur and was part of a US$ 635m deal announced today in the Malaysian capital. “Qatar Holding ultimately intends to grow Harrods into a global enterprise that defines the luxury retailer and leisure sectors,” the Doha-based firm said in a statement.
Hotels are already planned for London and Italy and Qatar Holding said they are likely to be located in sites it already owns in Chelsea Barracks and Sardinia, the statement added.
While the total number of hotels planned was not disclosed, New York and Paris are also likely to be locations.
The Kuala Lumpur hotel will be in cooperation with Tradewinds Corp Bhd (TCB), which holds the franchise for the Harrods brand in Malaysia, and a source told the Business Times newspaper the project may include Harrods-branded residences. TCB had indicated as far as 2008 that it was interested to develop Harrods-branded residential, commercial and hotel projects in Malaysia and last year it was rumoured to be talks with three different developers to build the first Harrods Hotel.
Qatar Holding, the investment arm of the Qatar royal family, bought the prestigious London department store from Egyptian-born businessman Mohammed Al Fayed for a around US$ 2.3bn
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