Katara Hospitality to buy two Doha properties

Katara Hospitality has signed a QAR 1.1 billion (US $302,073,321) memorandum of understanding to buy two Doha properties - Barwa Al Sadd Hotel and Recreational Building and Somerset West Bay Serviced Residences.

The hotel owner-operator, formerly known as Qatar National Hotels, signed the deal with Barwa Real Estate on Tuesday (May 29) at the Sheraton Hotel in Doha. The two parties are now due to enter into the sale and purchase agreement no later than June 2012.

The 18-storey Barwa Al Sadd Hotel, on Suhaim Bin Hamad Street, is expected to be completed by Q2 2013.

Somerset West Bay, which consists of 200 hotel apartments across 24 floors, is currently managed by Singapore-based Ascott International.

H.E. Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani, chairman of Katara Hospitality, said: “As hospitality is an essential infrastructure element which supports the development of the country, the acquisition of the properties from Barwa Real Estate is a significant step in increasing our portfolio in Qatar and we are confident that the superior products we are taking over today will flourish under our management”.

Hitmi Bin Ali Al Hitmi, chairman of Barwa Real Estate, added: "In Barwa Real Estate we pay a lot of attention to the development of local projects which support the diversity of the national economy by supporting tourism. Such collaborations are our priority, due to the great impact they reflect on Barwa’s plans of growth. Hence, we are pleased to be working with Katara Hospitality which has always been known around the world for its originality, generosity and leadership".