Katara, a Qatari developer of iconic hotels, has acquired InterContinental hotels in Cannes, Amsterdam, Madrid, Frankfurt, and leasehold interest of Rome property according to Gulf Times (access here).
Katara bough few properties from Starwood Capital (not affiliated with Starwood Hotels & Resorts) back in 2012 that were later brought under the Hyatt (read more here).
Here’s some tidbits from the Gulf Times article:
The Qatar-based global owner, developer and operator of iconic hotels has acquired the InterContinental Carlton Cannes, the InterContinental Amstel Amsterdam, the InterContinental Madrid, the InterContinental Frankfurt, and the leasehold interest in the InterContinental De La Ville Rome.
The acquisition brings Katara Hospitality’s global portfolio to some 32 hotels operational or under development, topping its long-established goal of 30 properties by 2016.
Katara Hospitality chairman Sheikh Nawaf bin Jassim bin Jabor al-Thani said: “We are delighted to be able to add these five hotels to our portfolio of iconic properties across the world. This deal provides a major expansion of our footprint, both geographically and in terms of our hotel operator partners.
“We are pleased to welcome the InterContinental brand into our current portfolio of partners and we look forward to extending our relationship in future.”
Katara Hospitality chief executive officer and board member Hamad Abdulla al-Mulla said: “We will look to commit investment funds for necessary renovations or refurbishments, as we do across our portfolio. Our typical renovation strategy brings an iconic hotel back to its full glory, combining its rich heritage with all the modern facilities required in a 21st century hotel.”
Someone must have decided to cash out their interest on these iconic InterContinental properties in Europe. I doubt that anything will happen with their IHG affiliation on the short/medium term, but you never know what the future may bring,