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Qatar Branches Out To Sardinia

Apr 20, 2012
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Qatar Holding has acquired Smeralda Holding, the owner of luxury resorts on the Italian island of Sardinia, at a reported cost of €600 million. An agreement for the purchase has been signed with Colony Capital, owned by American property mogul, Tom Barrack, who bought the portfolio in 2003 for €290 million. As a result of the deal, Qatar Holding gains four luxury hotels totalling 372 rooms: the Hotel Cala di Volpe, the Pitrizza Hotel, the Hotel Romazzino and the Cervo Hotel. The transaction also includes other real estate assets, such as the Porto Cervo Marina, the Porto Cervo Shipyard and the Pevero Golf Club. The hotels will continue to be managed by Starwood Hotels and Resorts Worldwide. Ahmad Mohamed Al-Sayed, managing director and chief executive officer of Qatar Holding, said, “We are happy to have agreed terms for the acquisition of this established portfolio of luxury assets in Sardinia. We intend to continue supporting the ongoing development programme which will see Costa Smeralda strengthen its position as a top luxury resort destination.”