Qatar’s armed forces buy Barcelona hotel for $107 million

The Qatar Armed Forces Investment Portfolio (QAFIP) bought the five-star Marriott Renaissance Barcelona hotel for $107mn. (Photo courtesy: commons.wikimedia.org)

The investment arm of the Qatari armed forces, the Qatar Armed Forces Investment Portfolio (QAFIP) bought the five-star Marriott Renaissance Barcelona hotel for $107mn, London-based newspaper The Guardian reported on Friday.

"We are very excited to add the Renaissance Barcelona Hotel to our portfolio and look forward to a long and successful partnership with Marriott International," Thani al-Kuwari, QAFIP director said.

“Our objective is to invest in the most important cities, and Barcelona is one of them. We are also looking for interests in London and Paris,” Kuwari added.

Qatar is interested in making further investments in the Spanish city, he added.

The hotel, located in central Barcelona, will continue to be run by Marriott, its previous owners.
Qatar already has a presence in the city due to its flagship carrier Qatar Airways sponsoring Barcelona Football Club.

Last summer, the club signed a three-season contract worth €96 million (CONVERT THIS TO U.S. DOLLARS) with the airline company.

 

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Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41
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