Hotel Martinez, Cannes: The oil rich country of Qatar is rumored to be buying 4 luxury hotels in France from US hotel group Starwood Capital. Hotel Martinez in Cannes, the Concorde Lafayette and Hotel du Louvre in Paris and Nice’s Palais de la Mediterranee are the hotels believed to be involved in the pending transaction.
According to industry rumours, the buyer is said to be Katara Hospitality, formerly known as Qatar National Hotels Company.
Recently rebranded Katara Hospitality has an aggressive development plan: “We aim to own 30 hotels and resort complexes locally and internationally by 2016 and a further 30 over the following 14 years,” it said on its website. According to AFP, Starwood was expected to announce the sale on June 28
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