Qatar In Talks To Buy St. Regis In NYC, San Francisco
by Jessica Montevago /The St. Regis Hotel New York. Photo: Onyo
Qatar Investment Authority is in advanced negotiations to buy the St. Regis in New York and San Francisco from Starwood Hotels & Resorts Worldwide Inc., Bloomberg reported, citing sources close to the matter.
The two luxury properties may be worth as much as $1 billion, but could be sold for less, the sources said.
The sale comes as Starwood gears up for its acquisition by Marriott International. The hotelier is planning to sell off its real estate, which includes the Westin Maui Resort & Spa, Westin Peachtree Plaza in Atlanta, and the Tremont Chicago Hotel at Magnificent Mile, before the deal closes this summer.
The Qatar Investment Authority, the country’s sovereign wealth fund, has invested $38 billion in properties around the world.
