American news sources are reporting that the Qatar Investment Authority is in advanced talks to purchase the two properties from Starwood Hotels & Resorts: their combined value could be worth 1 billion dollars.
Before finalizing its acquisition by Marriott International next quarter, Starwood is seeking to sell several of its hotel properties, including five in North America. Estates for sale include the Westin Maui Resort & Spa, Atlanta's Westin Peachtree Plaza, and the Tremont Chicago Hotel. The hotel group is also trying to sell the leasehold on a sixth property, the W New York - Times Square.
Owner of the Paris Saint-Germain football club, Qatar's sovereign wealth fund is no beginner in the hotel industry. With shares in FRHI and soon to be represented at the Board of AccorHotels, it invested close to 7.5 billion dollars in hotel properties, including the 2014 purchase of the Westin Excelsior Rome. Qatar Investment Authority opened a New York office in September to better manage its growing U.S. investment portfolio. Doha said at the time it plans to invest 35 billion dollars in the country over the next five years to diversify its holdings and activities.
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