Reassuringly expensive

7 Nov 2018 By George Hay Follow @gfhay

The Gulf state’s wealth fund is buying posh London hotel Grosvenor House. Despite its neighbours’ blockade, Qatar has surplus cash to invest in trophy assets that offer good returns. Acquiring glitzy baubles suggests Qatar’s new fund managers will prioritise the former.

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Qatar is buying Grosvenor House, a high-profile hotel in London, Reuters reported on Nov. 6.

A source with knowledge of the deal said the acquisition of the hotel – located on Park Lane in London's Mayfair district – had been agreed on Tuesday with the vendor, private U.S. real estate investment firm Ashkenazy Acquisition Corp. The price was not disclosed.

Qatar has already bought one of New York’s most iconic buildings, the Plaza Hotel, for around $600 million.

"There is another hotel acquisition in the works in Europe coming soon as well," the Reuters source said.

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