Al Faisal holding unit acquires US hotel

Al Faisal Holding Company announced Sunday the acquisition of Radisson Blu Aqua Hotel, Chicago, USA, through Seldar Holdings, the North American investment and business development arm of Al Rayyan Tourism and Investment (ARTIC). "This acquisition is a major step forward in realizing Al Faisal Holding’s vision of increasing its investments in the hospitality sector and accumulating a portfolio of 25 hotels in prime cities around the world by 2020," a media statement on behalf of the company said today. With this agreement, the Company’s portfolio of hotels either operation or under development has reached 18 properties, located across the Middle East and North Africa, South Africa, Europe and North America, the statement added. The hotel opened November 1, 2011 and is operated by Carlson Rezidor Hotel Group. It is located in the 86 storey Aqua Tower. The hotel has 334 rooms and is strategically located in the heart of downtown Chicago, near the Financial District, Millennium Park, North Michigan Avenue and the Magnificent Mile shopping area. Al Faisal Holding Company Chairman Sheikh Faisal bin Qassim Al Thani said, "We are delighted to forge this partnership for the acquisition of the Radisson Blu Aqua in Chicago. This hotel is Carlson's flagship hotel in the US and is the first Radisson Blu in North America. "This unique landmark hotel with its one-of-a-kind architectural quality and attractive setting reflects our clear investment focus on high quality assets in prime city locations as we continue to grow the business both locally and internationally. I look forward to the further expansion of our hotel portfolio across Europe, MENA and now North America." Carlson Rezidor Hotel Group President, Americas, Thorsten Kirschke said, "We are pleased to complete this sale with such an esteemed partner. We look forward to continuing to grow our relationship with our partners and to emulate the success of the Radisson Blu Aqua Hotel, Chicago with many opportunities to come." Last year Al Faisal Holding acquired the W London Hotel for ?200 Million (QR 1,152.03m), the biggest hotel purchase of the year. A wholly-owned Al Faisal Holding Company subsidiary, ARTIC is the international hospitality unit of Al Faisal Holding and is 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.