Al Rayyan Tourism Investment Company (Artic), the international hotel investment and hospitality subsidiary of Al Faisal Holding Company, has acquired St Regis Washington, DC, a premier luxury hotel in the US capital. Al Faisal Holding Company is one of Qatar’s largest private diversified industrial groups.
Located two blocks north of the White House at the intersection of 16th and K Streets, the 182-room property is considered the best hotel address in the city. The hotel couples classic elegance with modern amenities, offering luxury rooms and suites, complete with flawless furnishings, state-of-the-art technology and gracious residential touches.
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 reflecting Artic’s success in partnering with world-class hotel operators.
Artic has been engaged in real estate development, acquisition and leasing with a primary focus on the hospitality sector and hospitality-related services both in Qatar and overseas.
Its current portfolio comprises some 24 hotels and projects in the Middle East and Africa, Europe, and North America. On the acquisition Artic chairman HE Sheikh Faisal bin Qassim al-Thani commented, “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 our fourth landmark hotel property in the US, where we are present in Chicago, Miami, New York and now Washington DC. 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 in line with the company’s medium-term plans for a flotation on one of the international stock exchanges”.
Sheikh Mohamed bin Faisal bin Qassim al-Thani, Artic vice-chairman, said, “Artic is built on strong foundation, since its establishment in 2003; it stayed committed to achieving its vision. We have a long-term investment approach which is clearly paying off. Artic portfolio has over 24 premium hotels and resorts located in the Mena, Europe and the US.
“Artic’s commitment to maintaining the quality of its investments is a key factor in achieving success. We continuously review and evaluate our properties, finding ways to maximise operational efficiency. We work with renowned hotel operators, and it’s the quality of our assets and our commitment that makes ARTIC the partner of choice. I am looking forward for future growth that will enhance our leading market position.”
Tarek M el-Sayed, Executive Board member, said, “We are delighted to expand our North American portfolio through the acquisition of this world-class property. The US is a key market for our geographic expansion and Washington DC is an excellent location with high barriers to entry and increasing revenues. In line with our strategy to prioritise high quality assets to which we can add further value, this acquisition has the potential for further development.”