Qatar and Monaco JV to create worldwide hotels

The governments of Monaco and Qatar have created a JV looking to launch a new worldwide brand of boutique hotels, according to deputy president Franck Biancheri.

In an interview with French newspaper Nice Matin, the Monaco diplomat said SAM Monaco QD Hotel & Property Investment would look for opportunities in “big capitals, where luxury hotels have a top tier role”.

“The priority is London and the Asian megalopoli, such as Singapore, Tokyo, Shanghai and Macau,” he said.

It was reported that the company would invest in and operate the hotels.

“The project is to create a boutique brand and design a concept based on Monaco, that enjoys an exceptional image internationally,” Matin added.

Eighty percent of the company is owned by a subsidiary wholly controlled by Qatar’s sovereign wealth fund, while 20% is owned by Monaco’s Société Nationale de Financement.