Qatar acquires Raffles hotels in Singapore

Qatar Nationals Hotels Company (QNH) said on Monday it has taken over the ownership of two iconic Raffles properties in Singapore and Paris. "Adding these iconic properties to our portfolio represents consistent steps of QNH's strategic expansion at the international level," said Hamad Abdulla Al Mulla, CEO of QNH. "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," he added. He did not give a value for the deal to acquire the two luxury hotels. Raffles Singapore was the first hotel to operate under the Raffles Hotels & Resorts brand. Named after the founder of modern Singapore, the hotel carries more than a century of history. Opened in 1887, the 103-key hotel was declared a National Monument on the occasion of its 100th anniversary. After three years of extensive restoration works, Raffles Hotel Singapore reopened in 1991 and today it stands as a jewel in the crown of Singapore's hospitality industry. Le Royal Monceau - Raffles Paris is the European flagship of Raffles Hotels & Resorts. After two years of renovation, the hotel reopened in October 2010. 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.