The Qatar Investment Authority has acquired the St. Regis hotel in San Francisco.
The iconic St. Regis hotel in San Francisco has been bought by the Qatar Investment Authority from Marriott International Inc. for large sum of $175 million.
According to Reuters, the hotel will continue to operate under the Marriott brand.
The QIA have had their eyes on the 260-room real estate for a while, as part of a larger deal. The property sits just across the street from the newly revamped SFMOMA.
Rumors about Qatar’s eyeing of the St. Regis hotels in San Francisco and New York started circulating around mid-May, when the properties were still owned by Starwood Hotels & Resorts Worldwide Inc.. At the time, Starwood was attempting to shed assets, before being acquired by Marriott International Inc.
Starwood was subsequently acquired by Marriott the second quarter of the year, after it looked into a deal with China’s Anbang Insurance Group Co., which left a $14 billion bid hanging.
Since it was founded in 2009, the Qatar Investment Authority have scooped up real estate for up to $38 billion.
Back in 2015, Qatar was the second-largest foreign investor in the US, when it invested in Brookfield Property Partners LP’s $8.6 billion Manhattan West project. The two proceed to acquired London’s Canary Wharf Group and parent Songbird Estates Plc.
Earlier this year they teamed with Douglas Emmett Inc., a real estate investment trust, and purchased four buildings in Los Angeles $1.34 billion.