For the most part the global hotel groups don't actually own the hotels that operate under their brands, but rather they just have management contracts for them. That allows investors to come in and build the actual properties, and then groups like Marriott come in and manage the hotels in exchange for fees. However, this…
Continue reading: Qatar Buys The St. Regis New York
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Apparently Pakistan International Airlines (PIA) owns the Roosevelt Hotel in New York and a Sofitel in Paris.
@LM That explains why their airlines is so poor - all that hotel investments has left them broke!
The world would be better if the Qatari sovereign wealth fund lit its money on fire.
@Dave I agree. Oil state investments have distorted the market. Look at Air Italy's subsidies, and at all the money these states throw into Softbank's vision fund, which throws money at companies such as Uber and WeWork in hopes of undercutting competitors and monopolizing markets.
Considering townhouses and apartments on "billionaires row" are selling for $100-$200 million, $310 million sounds like a steal for an entire hotel, no?
This is also another way for Qatar to thumb their noses at the Saudis and Emiratis who love the St. Regis and who no longer will be welcome there.
I’m just waiting for them to put up those ridiculous Mideast style openwork room dividers in the lobby like they did at the Sheraton Skyline at LHR. Tacky; very tacky.
Qatar Airways recent losses stem mostly from the political blockade the country itself is under, and the wealth funds continued efforts to park its money elsewhere is primarily rooted in trying as Lucky said to find diverse income outside of natural gas (Qatar's main export is natural gas, not oil). Considering the insane ideas that the Saudi government is pursuing in its efforts to diversify outside of oil, buying up properties in actual strong tourism/business traveler markets makes far more sense.
"For the most part the global hotel groups don’t actually own the hotels that operate under their brands, but rather they just have management contracts for them"
Actually, while it is true that most hotels aren't owned by the hotel groups, a lot of properties don't even have a management contract but rather just a franchise agreement.
Recent weekend stay. A brilliant hotel. Booked reservation when it was 60k/night, room (suite) assigned to us went for over $5k that night. A good redemption. I'm Gold.
Hilarious to read comments from snowflakes like Dave and Mike trying to put Qatar investment in negative lights. Are you guys working for the Big 3? Loving these humid bretzels served in economy as a snack.
You are able to watch Al Djazeera info Channel in English in Europe but i heard not in the US anymore so hopefully St Regis 'Hotel 'visitors will be able to watch it because it is an excellent "independant" channel with brilliant Western & world journalists in my opinion.
@Julia - Using the term snowflake is also a negative, and also "white people" code for racist/bigot/homophobic and xenophobia attacks...thinking the rest of us do not know this. Something for YOU to think about!.
Many vile people come to this blog. Sad.
Hardly a snowflake and have nothing to do with the travel industry. My apologies if I’m principled in the fact that the Qatari ruling family deserves to rot in hell.
For starters, have a look at this documentary.
@Jordan - Snowflake isn't a remotely racist term... Yes, it's a handy identifier as the people who use it are invariably ignorant morons, but it's not racist.