Posted on July 04, 2015
Qatar-based Al Rayyan Tourism Investment Company, also known as ARTIC, has announced the acquisition of the award-winning St Regis Washington, DC hotel (pictured). Located two blocks north of the White House, the 182-room property is considered the best hotel address in the city, said ARTIC, the international hotel investment and hospitality subsidiary of Al Faisal Holding Company in a statement. It did not disclose a value for the deal.
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 following the sale, it added. Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC, said: "I am particularly pleased with this acquisition. St Regis Washington DC 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 the company's fourth landmark hotel property in the US, where it is also present in Chicago, Miami and New York. "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," he added. The ARTIC portfolio comprises more than 24 premium hotels and resorts located in the MENA, Europe and the United States. In December, ARTIC announced the acquisition of the five-star Boscolo Aleph Hotel in Rome, Italy.
source: Arabian Business