CPP-Luxury.com February 2, 2013
Qatar Holding has unveiled plans for a one billion euro ($1.35bn) investment in Sardinia, one of Italys prominent leisure tourism destinations. The company will build four luxury hotels on Sardinias Costa Smeralda, more than doubling tourism capacity to 900 beds, news service ASNAmed said. The plan includes a 150-room Harrods Hotel, a 200-room family hotel, both for the luxury market.
ANSAmed said the project also includes an aquatic amusement park inside the Liscia Ruja reserve, a low-impact electric Go-Kart route within a former landfill at Abbiadori, expanding roads and water and sewer systems. Last year, Qatar Holding signed an agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, from Colony Capital, the US-based real estate investment firm.
Under the terms of the agreement, Qatar Holding acquired a portfolio consisting of four luxury hotels with a total of 372 rooms, the Porto Cervo Marina, the Porto Cervo Shipyard, the Pevero Golf Club, a 51 percent interest in 2,290 hectares of adjacent undeveloped land and various other real estate assets in Costa Smeralda.
Qatars Constellation Hotel Holdings, indirectly controlled by Qatar Holding has recently agreed to pay 800 million euros for the former luxury portfolio of Louvre Hotels, controlled by Starwood Capital. Qatars acquisition includes: Hotel du Louvre and Concorde Lafayette both in Paris, Hotel Martinez in Cannes and Palais de la Mediterranee in Nice. Starwood Capital motivated the sale with its intention to focus on the development of the high end luxury Baccarat Hotels worldwide, with the first Baccarat Hotel to open in New York.
Constellation Hotel Holdings has tapped Hyatt to manage the four hotels, each to be re-branded starting April 2013: Hotel Martinez will be rebranded Grand Hyatt Cannes Hotel Martinez ; Palais de la Mediterranée Hotel and Casino will be rebranded Hyatt Regency Nice Palais de la Mediterrané Concorde Lafayette will be rebranded Hyatt Regency Paris Etoile ; Hotel du Louvre will enter the Hyatt brand family with its identity intact and will be marketed initially as Hotel du Louvre. Following a renovation, the hotel is to become an Andaz Paris.// View Gallery