Qatar buys Raffles hotels in Singapore, Paris

DOHA, Qatar (AP) ? A Qatar-owned company says it has taken over the famous Raffles Hotel Singapore and an affiliated luxury hotel in Paris in the latest high-profile acquisitions by the energy-rich Gulf state.

The Qatar National Hotels Co. said Saturday that it recently took ownership of the 125-year-old Raffles Hotel Singapore and Le Royal Monceau Raffles hotel in Paris.

It did not disclose financial terms in the deal with Toronto-based Fairmont Raffles Hotels International, which had owned both hotels.

State-owned Qatari companies have been snapping up investments at a brisk pace in recent months, including stakes in European energy companies, Germany's largest builder Hochtief AG and majority ownership in the French football team Paris Saint-Germain.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-14-ML-Qatar-Hotels/id-148bb9d88d964cc58ecc6c84e3ad57f6

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