Qatar company buys top London Hotel
Qatar’s Al Faisal Holding Company has bought the W London Hotel from Northern Irish developer McAleer and Rushe for £200mn.
The 10-storey property opened on the corner of Leicester Square and Wardour Street in February this year and has 192 rooms, a Michelin-starred restaurant, a 35,000 square foot M&M’s World store and 11 apartments.
“Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups, through its subsidiary Al Rayan Tourism and Investment Company (Artic), exchanged contracts with McAleer and Rushe to acquire the W London Hotel, for close to £200mn, making this one of the most prestigious hotel transactions of the year,” a company statement said.
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.
“We are delighted to have acquired this iconic landmark London development,” said Sheikh Faisal bin Qassim al-Thani, chairman of Al Faisal Holding Company.
“Given its one-of-a-kind architectural quality, attractive setting and the strength of the international covenants of Starwood Hotels and 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.”
The acquisition of the W in London brings the company’s hotel portfolio to 11 properties located across Qatar, Egypt and London, comprising seven fully operational hotels and four under development.
Al Faisal Holding owns a controlling stake in Qatar’s Aamal , a diversified trading, property and industrial company.