|12-08-2014, 12:05 PM||#1|
Qatar to expand real estate in New York
Qatar plans to expand its real estate activity in New York where Al Rayyan Tourism and Investment Company (ARTIC), purchased 97 percent of the famous The Manhattan at Times Square Hotel in New York.
The hotel is located at 790 Seventh Avenue in New York and covers 44,100 square meters of land featuring 689 rooms and suites.
The acquisition reflects Qatar and ARTIC`s ambition to expand globally and inflate its investment portfolio by buying more high quality assets in leading locations across the world.
“The Manhattan at Times Square Hotel has a superb location; at the very heart of the city and meets our uncompromising investment focus on asset quality, location and architectural design," said ARTIC chairman Faisal Bin Qassim Al Thani.
ARTIC current investment portfolio includes 24 hotels and projects across the world in the Middle East, Africa, Europe and North America.
The present purchase of The Manhattan at Times Square Hotel in New York puts ARTIC in a leading position in front of other Qatari real estate investments companies and shows its distinguished choice of quality, location and architectural design when a property is bough or developed.
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