Qatar's Al Faisal Holding Company’s international hotel investment and hospitality subsidiary, Al Rayyan Tourism Investment Company (ARTIC) has acquired St Regis Washington, DC, reported Gulf Times.
The acquisition adds to the Qatari group’s current portfolio of 24 hotels in the Middle East, Africa, Europe, and North America.
Commenting on the acquisition, ARTIC chairman HE Sheikh Faisal bin Qassim al-Thani said: “I am particularly pleased with this acquisition; St Regis Washington DC fits perfectly with our expansion strategy and investment criteria; it has an extraordinary location, superb asset quality and beautiful architecture.
“ARTIC is taking significant strides towards achieving its objective of building a portfolio of iconic hotels in all of the major cities around the world. This is our fourth landmark hotel property in the US, where we are present in Chicago, Miami, New York and now Washington DC.
“This latest acquisition further underlines our success in creating one of the leading international hospitality investment companies as we build on our strong Qatari base and I look forward to continuing to enhance the ARTIC portfolio in line with the company’s medium-term plans for a flotation on one of the international stock exchanges”.
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ARTIC vice-chairman Sheikh Mohamed bin Faisal bin Qassim al-Thani added the company continuously reviews and evaluates its properties, thereby maximising operational efficiency and quality of assets.
“The US is a key market for our geographic expansion and Washington, DC is an excellent location with high barriers to entry and increasing revenues. In line with our strategy to prioritise high quality assets to which we can add further value, this acquisition has the potential for further development,” said ARTIC executive board member Tarek M el-Sayed.
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