Qataris ‘close to buying London's W Hotel’
London , September 8, 2011
A Qatari sovereign wealth fund is close to buying the W Hotel in central London tourist destination Leicester Square for almost GBP200 million ($318 million), a source close to the sale told Reuters on Thursday.
The 10-storey property opened in February this year and has 192 rooms, a Michelin-starred restaurant, a 35,000 sq ft M&M's store and 11 apartments.
It was put up for sale in January by property broker Jones Lang LaSalle for Northern Irish developer McAleer & Rushe.
Qatar, the world's largest exporter of liquefied natural gas, has snapped up a number of British assets in recent years, ranging from luxury department store Harrods to stakes in grocer J Sainsbury and the Olympic athlete's village in east London.
News of the deal was first reported by the Times newspaper. – Reuters
More Construction & Real Estate Stories
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project