Al Faisal of Qatar has been revealed as the purchaser of London’s W Hotel for close to £200m.
A statement from the company which is one of Qatar’s largest private diversified industry groups said its subsidiary, Al Rayan Tourism & Investment Company, has exchanged contracts with Northern Irish developer McAleer & Rushe.
The deal includes the 192-bedroom Starwood-operated hotel on the corner of Leicester Square along with 11 luxury flats.
The development is also home to Mars’ 35,000 sq ft M&M’s World store, the first in Europe.
A wholly-owned Al Faisal Holding Company LLC subsidiary, ARTIC, is engaged in real estate development, acquisition and leasing, with a primary focus on the hospitality sector and hospitality-related services both in Qatar and overseas.
The acquisition of the W in London brings its hotel portfolio to 11 properties across Qatar, Egypt and London. It comprises seven fully operational hotels and four under development.
His Excellency Sheikh Faisal Bin Qassim Al Thani, chairman of Al Faisal Holding Company, said: “We are delighted to have acquired this iconic landmark London development. Given its one-of-a-kind architectural quality, attractive setting and the strength of the international covenants of Starwood Hotels & Resorts Worldwide and Mars Retail Group, the addition of the W Hotel to the portfolio reflects our clear investment focus on high-quality assets in prime locations as we continue to grow the business both locally and internationally.”
bridget.oconnell@estatesgazette.com
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