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Posted On: 13 January 2009 08:22 am
Updated On: 12 November 2020 02:09 pm

Qatar firm buys five-star hotel group for $274mn

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State-owned Qatar National Hotels Co (QNH) has acquired a five-star international hotel and food chain group for $274.6 million, it has announced. The acquired company portfolio includes hotel, spa, restaurant and related merchandise and entertainment industries, the firm said on its website. The company’s profile consists of 100 restaurants and hotels in operation or in the pipeline for the coming 2-3 years, said QNH. “The timing of this acquisition reflects the company’s ability to acquire existing assets with growth potential, which in this case will be driven by QNH’s active asset management,” said Sheikh Nawaf bin Jassim bin Jabor Al Thani, chairman of QNH. In light of the global economic situation it is expected that the capital invested will be recovered over eight years, said the statement. No further details about the purchase were revealed.