Al Rayyan Tourism Investment Company (“ARTIC”), the international hotel investment and hospitality subsidiary of Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups has acquired the award-winning St Regis Washington, D.C. The St. Regis Washington, D.C. is the United States capital’s premier luxury hotel. Located two blocks north of the White House at the intersection of 16th and K Streets, the 182-room property is considered the best hotel address in the city. The hotel couples classic elegance with modern amenities, offering luxury rooms and suites, complete with flawless furnishings, state-of-the-art technology and gracious residential touches.
The property, which also comprises an adjacent 22,000 sq.ft. parcel with significant development potential, will continue to fly the flag of St. Regis reflecting ARTICs success in partnering with world-class hotel operators.
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of ARTIC, commented on the acquisition:
“I am particularly pleased with this acquisition; St. Regis Washington D.C. fits perfectly with our expansion strategy and investment criteria; it has an extraordinary location, superb asset quality and beautiful architecture. ARTIC is taking significant strides towards achieving its objective of building a portfolio of iconic hotels in all of the major cities around the World. This is our fourth landmark hotel property in the US, where we are present in Chicago, Miami, New York and now Washington D.C. This latest acquisition further underlines our success in creating one of the leading international hospitality investment companies as we build on our strong Qatari base and I look forward to continuing to enhance the ARTIC portfolio in line with the Company’s medium-term plans for a flotation on one of the international stock exchanges”.
Sheikh Mohamed Bin Faisal Bin Qassim Al Thani, Vice Chairman of ARTIC, said:
“ARTIC is built on strong foundation, since its establishment in 2003, it stayed committed to achieving its vision. We have a long term investment approach which is clearly paying off. ARTIC portfolio has over 24 premium hotels and resorts located in the MENA, Europe and the United States. ARTIC’s commitment to maintaining the quality of its investments is a key factor in achieving success. We continuously review and evaluate our properties, finding ways to maximise operational efficiency. We work with renowned hotel operators, and it’s the quality of our assets and our commitment that makes ARTIC the partner of choice. I am looking forward for future growth that will enhance our leading market positon.”
Mr. Tarek M. El Sayed, Executive Board Member also added:
“We are delighted to expand our North American portfolio through the acquisition of this world-class property. The US is a key market for our geographic expansion and Washington DC is an excellent location with high barriers to entry and increasing revenues. In line with our strategy to prioritise high quality assets to which we can add further value, this acquisition has the potential for further development. In addition to the 182-room luxury hotel it includes an adjacent parcel allowing for the development of approximately 22,000 sq.ft. additional space zoned for hotel, office, most retail, parking and/or residential uses. Going forward we will continue to look for similar opportunities to build and further enhance our portfolio, and to review other potential acquisitions holding the St. Regis brand, in the US market and beyond.”