The Qatar sovereign fund wants to sell three luxury hotels in Europe

luxury hotels in Europe

Qatar‘s sovereign investment fund (QIA) is considering selling three hotels in Europe operated by InterContinental, sources told Bloomberg that they wanted to remain anonymous.

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QIA representatives did not comment on the information.

QIA will hire brokers for the possible sale of properties in Cannes, Amsterdam and Frankfurt, although no final decision has yet been taken, sources say.
QIA, which has assets of approximately $ 320 billion, bought these hotels in 2014.
The QIA Hotel Division, Katara, also owns other accommodation units in Europe, including Le Royal Monceau, Raffles Paris in the capital of France, Hotel Schweizerhof in Berne and The Westin Excelsior in Rome.

In recent months, the Gulf State has withdrawn money from the QIA to mitigate the economic impact of trade sanctions and travel bans imposed on Qatar in June 2017.

The United Arab Emirates, Saudi Arabia, Bahrain and Egypt are accusing Qatar of providing support to Iranian regional enemies as well as Islamist militants. Doha denies the accusations and says his rivals are trying to dictate his foreign policy.

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