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Are the Qataris buying two iconic U.S. hotels?

Multiple sources are reporting that the Qatar Investment Authority is in advanced talks to buy Starwood Hotels & Resorts’ St. Regis hotels in New York and San Francisco. Sources say the two hotels could be worth US$1 billion but could sell for less.

Starwood has been trying to sell its remaining hotel real estate holdings, including several in the U.S. such as the Westin Maui Resort & Spa, Westin Peachtree Plaza in Atlanta and the Tremont Chicago Hotel. It is also trying to sell the leasehold on the W New York – Times Square.

The Qatar Investment Authority, the country’s sovereign-wealth fund, has already acquired about US$7.5 billion in hotel assets, including the 2014 purchase of the St. Regis Rome, according to Real Capital Analytics. Qatar has stated it plans to invest US$35 billion in the U.S. over the next five years.

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