Qatar’s sovereign wealth fund is in talks with the US hotel group Starwood to acquire St Regis properties in New York and San Francisco, according to Bloomberg.
The talks come at a time when hotels in Qatar feel the heat from low oil prices.
During the first quarter, the average revenue per available room, a key measure of a hotel’s profitability, decreased by 20.4 per cent compared with the same period last year, according to Hotstats data released yesterday. The average occupancy rate declined by 7.5 percentage points as average room rate fell by 12.3 per cent during the same period.
The sale, if it goes through, of the luxury properties in New York and San Francisco would be a part of the US company’s asset-light strategy as it prepares for a takeover from Marriott International next quarter.
Qatar Investment Authority and Starwood Hotels and Resorts did not respond to queries for confirmation.
The St Regis New York has 238 rooms, while the San Francisco property has 260 rooms.
In Middle East and Africa, Starwood’s revenues per available room fell by 9 per cent and the average daily rate by 8.7 per cent in the first quarter, compared with the same period last year, according to Starwood’s financial results released this week.
The company has 53 properties in the Middle East, including 25 in the UAE. It expects to grow the portfolio in Middle East to 100 hotels by 2020.
Starwood is also seeking to sell five hotels in the US, including the Westin Maui Resort and Spa, according to Bloomberg. The hotel is one of the largest in Hawaii.
The hotel group is also in talks with Nasdaq-listed Interval Leisure Group for the sale of Starwood’s holiday ownership business, Vistana Signature Experiences. It is expected to go ahead this month.
In February, Dubai-based Al Habtoor Group acquired the historic Hotel Imperial in Vienna from Starwood for US$78.8 million. In September, Qatar’s Katara Hospitality bought The Westin Excelsior Rome for €222m (Dh932.8m). Starwood sold The Gritti Palace in Venice in May last year to Nozul Hotels and Resorts, a wholly owned subsidiary of Doha-based Jaidah Holdings, for €105m.
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ITU Abu Dhabi World Triathlon
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Killing of Qassem Suleimani
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Company%20profile
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South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
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Company%20Profile
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
BAD%20BOYS%3A%20RIDE%20OR%20DIE
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Company%20Profile
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COMPANY%20PROFILE
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The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Race card
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m