Qatar's Al Faisal group buys Chicago Radisson Blu

Al Faisal Holding Company LLC, through Seldar Holdings - the North American business development arm of its wholly owned Al Rayyan Tourism and Investment (ARTIC) - has bought the Radisson Blu Aqua Hotel in Chicago.

The contract was signed with Magellan Development Group, together with Carlson Rezidor Hotel Group, which will remain the long-term operator of the hotel, which opened in November 2011.

HE Sheikh Faisal Bin Qassim Al Thani, chairman, Al Faisal Holding, said: "We are delighted to forge this partnership for the acquisition of the Radisson Blu Aqua Hotel in Chicago.

“This unique landmark hotel, with its one-of-a-kind architectural quality and attractive setting, reflects our clear investment focus on high-quality assets in prime city locations as we continue to grow the business both locally and internationally. I look forward to the further expansion of our hotel portfolio across Europe, MENA and now North America,” he added.

Thorsten Kirschke, president - Americas, Carlson Rezidor Hotel Group, said: "We are pleased to complete this sale with such an esteemed partner. We look forward to continuing to grow our relationship with Al Faisal Holding and Magellan Development Group and to emulating the success of the Radisson Blu Aqua Hotel, Chicago with many opportunities to come."

ARTIC’s portfolio spans Qatar, Egypt and London, with 14 properties included, and this is its first venture in North America.