Katara Hospitality revealed that it is seeking to increase its stake in the privately held Fairmont Raffles Hotels International.
“I don’t think it’s any secret that we’ll be increasing that stake,” Christopher Knable, Katara Hospitality COO, told Financial Times.
Katara Hospitality, Doha, Qatar, a part of Qatar’s sovereign wealth fund Qatar Investment Authority, bought a 40% stake of the Toronto-based Fairmont Raffles via affiliate company Voyager Partners Ltd in 2010 for US$847 million. The deal left Kingdom Holding with a 35% stake and Colony Capital, Santa Monica, California, with about 22%.
Financial Times reported that according to an anonymous source, the new deal under discussion would see Katara buy Colony’s stake.