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Katara buys 50% stake along side Saudi prince in London icon

Katara Hospitality, owned by Qatar’s sovereign-wealth fund, has taken a 50% stake along side Saudi Prince Alwaleed in London’s famed luxury hotel, The Savoy.

With the price undisclosed, Katara acquired its stake from Lloyds Banking Group as it continues its buying spree of luxury properties to reach its stated goal of doubling its hotel portfolio by 2030.

The Qatari Investment Authority reportedly has about US$170 billion in assets and is also currently bidding for full ownership of London’s Canary Wharf financial district.

Kingdom Holdings and the Qatar Investment Authority together also own a 35% stake in Fairmont Raffles Holdings International Hotels Co., which has been managing the Savoy.

The transaction “further solidifies the strategic partnership” between Alwaleed and the Qatari government through KHC, the Saudi firm said in a statement.

The Savoy reopened in October 2010 after a 30-month, US$360 million renovation.

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