Katara Hospitality, which is owned by the Qatar Investment Authority (QIA), has bought The Grosvenor House, currently managed by Marriott, for an undisclosed price from private American property investment firm Ashkenazy Acquisition Corporation, Reuters first reported.
Ashkenazy bought the Mayfair property, which overlooks Hyde Park, in 2017. The firm had previously owned a stake in New York’s Plaza, for which Qatar paid a reported $600m earlier this year.
The Qatari fund, which is estimated to have more than $300bn in total assets, owns London’s luxury Savoy and Connaught hotels, the Harrods department store and the Shard, London’s tallest skyscraper, as well as luxury hotels across the US, Europe, the Middle East and Asia.
Qatar’s recent acquisitions includes stakes in Volkswagen and Glencore. The investments defy a blockade on the country by Middle Eastern rivals led by Saudi Arabia.
Ashkenazy did not respond to a request for comment. The QIA declined to comment. Katara Hospitality also owns: Raffles Singapore, Peninsula Paris, Le Royal Monceau Raffles Paris, The Ritz-Carlton Doha, InterContinental Carlton Cannes, The Westin Excelsior Rome. It also owns luxury hotel operator Murwab.
More from NEWS
As demand for personalisation pervades the luxury industry, Italian luxury menswear brand Brioni, owned by Kering Group, has launched a …