DOHA, Qatar (AP) — A Qatar-owned company
says it has taken over the famous Raffles Hotel Singapore and an affiliated
luxury hotel in Paris in the latest high-profile acquisitions by the
energy-rich Gulf state.
The Qatar National Hotels Co. said Saturday
that it recently took ownership of the 125-year-old Raffles Hotel Singapore and
Le Royal Monceau Raffles hotel in Paris.
It did not disclose financial terms in the
deal with Toronto-based Fairmont Raffles Hotels International, which had owned
both hotels.
State-owned Qatari companies have been
snapping up investments at a brisk pace in recent months, including stakes in
European energy companies, Germany's largest builder Hochtief AG and majority
ownership in the French football team Paris Saint-Germain.
AP
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