The Qatar Investment Authority (QIA) has bought the St. Regis in San Francisco for $175 million, and will continue to operate under the Marriott brand, Biz Journals has reported.
The QIA bought the former Starwood property from Marriott, which sits across the street from the newly revamped SFMOMA, and had been part of a larger deal Qatar was looking to close in a bid to add to its hotel holdings.
At a September press conference in Dubai, Marriott International president Middle East & Africa Alex Kyriakidis had clearly stated Marriott will not look to own assets, and the sale could be resonating that strategy. "As a group we own no more than 10 properties around the world," he said.
In mid-May it was widely reported that Qatar was in serious talks to buy the St. Regis hotels in New York and San Francisco from Starwood Hotels & Resorts Worldwide Inc., as Starwood attempted to shed assets before being acquired by Marriott International Inc. the report on bizjournals.com claimed.
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