Qatar's Al Rayyan buying five-star Rome hotel

Qatar's Al Rayyan Tourism and Investment, also known as ARTIC, on Monday announced its acquisition of the five-star Boscolo Aleph Hotel in Rome, Italy.

The Boscolo Aleph Hotel in Rome is ARTIC's latest luxury hotel acquisition, growing its portfolio to 24 properties across Europe, the Middle East, Africa and North America.

The company, the international hospitality subsidiary of Al Faisal Holding Company, said the deal is part of the its expansion strategy "focused on high quality assets in prime city centre and resort locations".

The company, which also said it had "medium-term" plans to float on an international stock exchange, did not give a value for the acquisition of the hotel.

Located just 100 metres from Via Veneto, the 6,500 square metre hotel comprises 96 rooms and suites over six floors, a roof garden, spa and a range of hospitality and dining facilities.

Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC, said: "With its exquisite architectural design, historical value and prime location, the Aleph hotel is a perfect fit with our long term investment strategy and is a valuable addition to our portfolio which also expands our European footprint to Rome, one of Europe's and the world's leading luxury tourist destinations.

"We will continue to enhance ARTIC's portfolio of premium hotels in line with the company's medium-term plans for a flotation on one of the international stock exchanges."

Rutger Smits, CEO of ARTIC, added: "ARTIC is a fast growing global hospitality company with long term investment outlook. The Aleph Hotel has many appealing characteristics which make it an attractive investment opportunity and destination for both tourists and business travellers."

Earlier this month, ARTIC acquired 97 percent of The Manhattan at Times Square Hotel in New York.

The 22-storey property in mid-town Manhattan features 689 rooms and suites, commercial space, and is within easy reach of New York landmarks.