Qatar’s hotel division, Katara Hospitality, has taken over Mayfair’s Grosvenor House Hotel from Ashkenazy Acquisition Corporation (AAC) for an undisclosed sum.
The acquisition of the JW Marriott hotel follows Qatar’s purchase of one of New York’s most iconic buildings, the Plaza Hotel, for approximately $600m (£461m).
The Grosvenor House Hotel was built in the 1920s on the site of Grosvenor House, the former London residence of the Dukes of Westminster.
The AAC was advised by Colliers International’s hospitality asset management division, which will asset manage the hotel on behalf of its new owners.
Ben Godon and Joseph Kassouf, who are responsible for hospitality asset management at Colliers International, said: “This transaction demonstrates a growing appetite from Middle Eastern investors for core hotel real estate in London due to high liquidity, a dynamic market and a comprehensive understanding of our local tax and legal systems.
“This sale by AAC and purchase by Qatar Investment Authority represents an excellent deal for all parties involved.”