Qatar Investment Authority (QIA), through its Katara Hospitality unit, is making a significant move in the European luxury hotel market by acquiring joint control of a group of five prestigious InterContinental properties in key cities across the continent.
This high-profile acquisition includes the iconic Carlton InterContinental in Cannes, France, and the historic Amstel InterContinental in Amsterdam, Netherlands. The deal also encompasses InterContinental hotels in three other major European cities: Frankfurt, Madrid, and Rome.
According to a notice on the European Commission’s competition authority website, the UK’s InterContinental Hotels Group will continue to jointly control and manage these properties alongside the Qatari sovereign wealth fund.
The news of QIA’s latest acquisition comes nearly a year after reports surfaced of Ghanim bin Saad, a former chief executive of Qatari Diar Real Estate Investment Co, seeking buyers for seven European hotels, including Madrid’s Hotel InterContinental. The Spanish newspaper Expansion reported this development in June 2022, citing knowledgeable individuals.
While the merger notice did not provide additional details regarding the financial terms or the specific plans for these luxury hotels, the move underscores Qatar’s growing interest in the European hospitality sector and its commitment to expanding its portfolio of high-end properties.
As QIA and Katara Hospitality take joint control of these five InterContinental hotels, the European luxury hotel market is set to witness a significant shift in ownership and potentially new directions for these iconic properties. The industry will be closely watching to see how this acquisition unfolds and its impact on the competitive landscape of Europe’s top-tier hospitality sector.