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ANOTHER HOTEL BUY: Qatar continues to invest in Italy. Emir Sheikh Hamad bin Khalifa Al-Thani has bought the Four Seasons hotel in Florence from brothers Marcello and Corrado Fratini, who sold the hotel for a sum valued at around 150 million euros, or $196 million at current exchange rate.
Located in Florence’s central Borgo Pinti, the five-star hotel occupies the Renaissance Palazzo Della Gherardesca, built by Italian architect Giuliano da Sangallo in 1485. The hotel has 116 rooms and suites.
According to the last available figures, in 2011 the hotel generated revenues of about 31 million euros, or $40.3 million at average exchange rates, and posted net profits of 7 million euros, or $9.1 million.
In July last year, Qatar’s Mayhoola for Investments fund acquired the Rome-based fashion company Valentino. Qatar also owns four luxury hotels in Sardinia’s luxury Costa Smeralda beach resort area.
RELATED STORY: Mohamed Al-Fayed Responds to Speculation About Sale of the Ritz >>