DOHA: Al Rayyan Tourism and Investment Company (ARTIC), the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups, announced that it has acquired 97 percent of The Manhattan at Times Square Hotel in New York.
Built in 1962, The Manhattan at Times Square Hotel is located at the heart of Mid-Town and combines the age-old glamour of New York and classic Art Deco detailing with a coveted Times Square location.
The 22 storey property features 689 rooms and suites, commercial space and is within easy reach of numerous New York landmarks. The hotel covers an entire block of 44,100sqm and is situated at 790 Seventh Avenue.
ARTIC’s acquisition of The Manhattan at Times Square Hotel is another significant step forward in the global expansion of its investment portfolio and its strategy of buying high quality assets in prime locations to which it can add value.
Sheikh Faisal bin Qassim Al Thani, Chairman of ARTIC, said: “Since the creation of ARTIC in 2003, our objective has been to have a presence in major cities around the world through high quality investments.
ARTIC’s success and sustainable growth stems from its balanced, long term investment strategy and I am delighted with this acquisition which represents an important addition, bringing our current portfolio to 24 premium hotels and resorts.”
Tarek M El Sayed, Executive Board Member, said: “As the US economic recovery accelerates, the hospitality sector is seeing the highest occupancy rates in decades. The US is a key market for our geographic expansion and this acquisition is an important milestone in ARTIC’s development.”
Rutger Smits, CEO of ARTIC, added: “As a leading global hospitality real estate investment company with a long-term strategic investment approach, this acquisition fits perfectly with our strategy. The potential of this property is considerable and we have the know-how, successful track record and financial strength to support its development plans.”
The Peninsula
