Sovereign wealth fund Qatar Holding signed an agreement on Monday to buy four hotels in Sardinia from Colony Capital for an undisclosed sum.
The hotels are located on the Italian island’s Costa Smeralda and include the Hotel Cala di Volpe, Pitrizza Hotel, Hotel Romazzino and Cervo Hotel for a total of 372 guestrooms. The hotels will continue to be managed by Starwood Hotels and Resorts Worldwide, Stamford, Connecticut.
“We are happy to have agreed terms for the acquisition of this established portfolio of luxury assets in Sardinia. We intend to continue supporting the on-going development program which will see Costa Smeralda strengthen its position as a top luxury resort destination,” said Ahmad Mohamed Al-Sayed, Qatar Holding’s managing director and CEO.
In addition to the hotels, the transaction will include the Porto Cervo Marina (host to the Yacht Club Costa Smeralda), the Porto Cervo Shipyard, the Pevero Golf Club, a 51% interest in 2,290 hectares (5,658 acres) of adjacent undeveloped land and various other real estate assets in Costa Smeralda.
“We have invested in Sardinia given the importance of the area. I can ensure that the Italian side will be happy about our investment,” said Sheikh Hamad bin Khalifa Al Thani, emir of Qatar, at a news conference in Rome on Monday alongside Italian Prime Minister Mario Monti.
Qatar Holding is based in Doha, Qatar. Colony Capital is based in Santa Monica, California.