Sovereign wealth fund Qatar Holding announced on Tuesday that it plans to launch a Harrods hotel chain.
The famous Harrods retail company, which also has ventures in aviation, banking and real estate, was purchased by Qatar Holding, Doha, Qatar, in 2010 for £1.5 billion (US$2.3 billion). This marks Harrods’ first entry into luxury hotel management.
Qatar Holding Vice Chairman Hussain Ali Al-Abdulla said the company plans to open Harrods-branded hotels in London, New York City, Paris, Kuala Lumpur and at one of the four hotel properties it recently purchased in Sardinia.
“The target plan is to open Harrods hotels at sites in key cities such as Kuala Lumpur, New York and Paris as well as in China. Preference will be given to construct on sites already owned by Qatar Holding or its affiliates, for example at Chelsea Barracks in London or Costa Smeralda in Sardinia,” Qatar Holdings said in a statement.