Iconic St. Regis Hotel in New York Sold for $310 Million

01 November 2019 2:14pm
Caribbean News Digital English Newsroom
Iconic St. Regis New York Hotel Sold for $310 Million

A Qatar fund has acquired the St. Regis hotel on Manhattan’s Fifth Avenue, adding to the Persian Gulf country’s luxury hotel collection.

The Qatar Investment Authority paid $310 million for the property, according to a securities filing from the seller, Marriott International Inc. Marriott will continue to manage the suite hotel, the filing said.

Persian Gulf country’s luxury hotel collection will see a new addition as Qatar fund has acquired the St. Regis hotel on Manhattan’s Fifth Avenue. The Qatar Investment Authority bought the property for $310 million and as per securities dealing from seller, Marriott International Inc. Marriott will continue to manage the suite hotel.

Marriott International offloaded a historic property that served as the launching point for an indispensable cocktail and preeminent luxury hotel brand. The Qatar Investment Authority will add on to an expanding portfolio across the globe by the purchase.

The Qatar Investment Authority will add on to an expanding portfolio across the globe by the purchase. The fund has helped in surging its investments in the U.S. along with purchasing stakes in properties in New York.

John Jacob Astor IV in 1904 opened the The St. Regis hotel, located on East 55th Street near Fifth Avenue. There are more than 200 guestrooms in the 18-story Beaux-Arts building the King Cole Bar, a watering hole where the Bloody Mary is said to have been invented.

Preferring to earn fees for licensing brands and managing properties for real estate partners, Marriott, the world’s largest lodging company doesn’t own many hotels.

In 2016, Marriott acquired the Manhattan property when it bought Starwood Hotels and Resorts. It was a $13.6 billion transaction that reshaped the global hospitality industry.

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