Qatar National Hotels Company (QNH) has taken ownership of two flagship Raffles hotels, in Singapore and Paris.
Raffles Hotel Singapore was the first hotel opened by the Raffles chain and is its flagship property. Named after the founder of modern Singapore, it was declared a National Monument on its 100th anniversary in 1987. Shortly after, the 103-suite property saw a three-year renovation
Le Royal Monceau - Raffles Paris re-opened in October 2010 after a two-year renovation project by designer Philippe Starck which completely transformed the 1928 building. It includes an art gallery, bookshop and in-house movie theatre.
Hamad Abdulla Al Mulla, CEO of QNH, said: “Adding these iconic properties to our portfolio represents consistent steps of QNH’s strategic expansion at the international level. Through years of rich history, Raffles Hotel Singapore and Le Royal Monceau – Raffles Paris have become legendary legacies that enhance the hospitality values by building a bridge between tradition and a glorious future.”
The deal marks the latest in a series of investments in overseas assets by Qatari buyers. The Gulf state’s wealth fund counts luxury London department store Harrods and stakes in Barclays, retailer J Sainsbury’s and the London Stock Exchange among its investments.
Qatari Diar, Qatar Investment Authority’s property arm, in August announced it had won a bid to buy London’s Olympic Village in a £557m in a joint deal with the UK developer Delancey.
In November, QNH said it was investing $55m in converting a former palace into a luxury hotel in Morocco. It said it has signed an investment agreement with the government of Morocco for the revamp of Tazi Palace in Tangier.
QNH will spend $55m to convert the former palace into a five star hotel consisting of 120 rooms, two VIP villas and one Royal villa.