Qatar-based Katara Hospitality has acquired five more Intercontinental properties in key European markets.
The new additions to Katara’s portfolio include the Intercontinental Carlton Cannes, the Intercontinental Amstel Amsterdam, the Intercontinental Madrid, the Intercontinental Frankfurt, and a leasehold interest in the Intercontinental De La Ville Rome.
Katara Hospitality chairman His Excellency Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani said: “We are delighted to be able to add these five hotels to our portfolio of iconic properties across the world. This deal provides a major expansion of our footprint, both geographically and in terms of our hotel operator partners.
"We are pleased to welcome the Intercontinental brand into our current portfolio of partners and we look forward to extending our relationship in the future.”
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Katara Hospitality CEO and board member Hamad Abdulla Al-Mulla added: “We will look to commit investment funds for necessary renovations or refurbishments, as we do across our portfolio. Our typical renovation strategy brings an iconic hotel back to its full glory, combining its rich heritage with all the modern facilities required in a 21st century hotel.”
Intercontinental Hotels Group CEO Europe Angela Brav added: “We’re thrilled to be working with Katara Hospitality for the first time. We will continue to manage these five flagship hotels on their behalf and look forward to taking our partnership from strength to strength.”
The acquisition brings Katara Hospitality’s global portfolio to 32 hotels operational or under development – topping its goal of 30 properties by 2016. The group now has properties in 14 countries, with a total of 7103 rooms operational or under development.
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