Qatar quits race for Grosvenor House and NY Plaza

The Qatar Investment Authority (QIA) has abandoned talks to buy London’s Grosvenor House Hotel and two hotels in New York, increasing the prospect the properties will be acquired by the UK’s Reuben brothers, according to the Financial Times.

The QIA’s withdrawal from the process leaves only one active bid for the venues - a consortium of UK and Middle Eastern family offices led by the UK’s 3 Associates, which have submitted a US$1.1billion bid for Grosvenor House and Plaza.

Grosvenor House, on London’s Park Lane, was designed by Edwin Lutyens.