Marriott Sells New Yorks St. Regis Hotel to Qatar for $310 Million

News Source: www.wsj.com

Marriott Sells New Yorks St. Regis Hotel to Qatar for $310 Million

Lodging company will still manage Fifth Avenue property, securities filing says

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Nov 1, 2019
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Marriott Sells New Yorks St. Regis Hotel to Qatar for $310 Million

News Source/Courtesy: www.wsj.com

Courtesy: Craig Karmin | News Source: wsj.com

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.

The Qatar authority acquired the San Francisco St. Regis from Marriott about three years ago. Another Qatar entity paid about $600 million for New York’s Plaza Hotel last year.

The New York St. Regis opened in 1904. The French beaux-arts building was built by John Jacob Astor IV. It is known for the King Cole Bar, which features the Old King Cole painting by Maxfield Parrish.

A Marriott spokeswoman didn’t respond to requests for comment. The Qatar authority couldn’t be reached for comment.

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News Source: www.wsj.com

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