Qatar hotel group buy St Regis Rome for $151m
The Arab country pays for a piece of Italian luxury
A Luxembourg-based holding company with ties to the Qatari royal family, Constellation Hotels, has recently purchased another piece of luxury property in Europe for $150.7 million. The latest sale is part of Starwood's asset-light strategy, with the company set to continue to operate the hotel under the St. Regis brand as part of a new long-term management agreement.
Originally opened as the Grand Hotel in 1896 by César Ritz, the Italian property became the first St. Regis in Europe following the completion of a $35 million refurbishment project in 2000.
"The St. Regis Rome is an outstanding addition to our global portfolio of world-class assets" in key luxury locations, said Constellation Hotels Holding chief executive officer Zaki El Guiziri. The new owners will make improvements to the hotel's 161 rooms and suites, lobby, meeting space, business centre and exterior façade.