{"id":4904,"date":"2016-02-16T20:33:41","date_gmt":"2016-02-16T13:33:41","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=4904"},"modified":"2016-02-16T18:53:52","modified_gmt":"2016-02-16T11:53:52","slug":"dubais-al-habtoor-group-buys-historic-hotel-imperial-in-vienna-from-starwood","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-al-habtoor-group-buys-historic-hotel-imperial-in-vienna-from-starwood\/","title":{"rendered":"Dubai's Al Habtoor Group buys historic Hotel Imperial in Vienna from Starwood"},"content":{"rendered":"


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\nThe Dubai conglomerate Al Habtoor Group has added its seventh overseas property to its hotel portfolio with an acquisition in Vienna. The company acquired the historic Hotel Imperial from New York-listed Starwood Hotels and Resorts for US$78.8 million, according to the US-based company. The announcement comes just days after Al Habtoor Group said it acquired the Hilton London Wembley hotel from an undisclosed owner.
\nStarwood would continue to operate the Vienna property under the Luxury Collection brand. All the rooms at the historic \u00adhotel will be renovated over the next four years as part of the deal. In 2014, the property underwent a $14m restoration of its ground floor, including the lobby, its three food and beverage outlets and a private event space, accord\u00ading to Starwood.The 138-room Hotel Imperial Vienna was originally built in 1863 as Prince Philipp of W\u00fcrttemberg’s residence. It transitioned into a hotel ahead of the World’s Fair in 1873.
\nThe Connecticut-based Starwood has been selling its assets to stem costs and drive growth and a number of the buyers have been from the Arabian Gulf region.In September, Starwood sold The Westin Excelsior Rome to Qatar’s Katara Hospitality for \u20ac222m (Dh911.2m). In May, it sold The Gritti Palace, Venice, to Nozul Hotels and Resorts, a wholly-owned subsidiary of Doha-based Jaidah Holdings, for \u20ac105m.
\n“On the heels of exceeding our $800m asset disposition target in 2015, the sale of Hotel Imperial underscores Starwood’s continued commitment to advancing our asset light strategy to create value for our shareholders,” according to Thomas Mangas, the chief executive of Starwood Hotels and Resorts Worldwide, referring to the sale to Al Habtoor Group.The total investment by Middle Eastern investors in Europe’s hotel sector in 2014 and 2015 was \u20ac4.79 billion, according to the research company CBRE.
\nAl Habtoor opened The St Regis Dubai on Sheikh Zayed Road in December and expects to open the hotels W Dubai and The Westin Dubai, both in Al Habtoor City, this year. It is also developing The St Regis Dubai, Al Habtoor Polo Resort and Club, and a new Metropolitan Hotel on Sheikh Zayed Road.Al Habtoor Investment also owns Hilton Beirut Habtoor Grand Hotel and Hilton Beirut Metropolitan Palace in Lebanon, the President Abraham Lincoln Springfield – a DoubleTree by Hilton Hotel in the US, the five-star InterContinental Hotel Budapest and five-star Elizabeth Park Hotel, Budapest.
\nIn December, the company said it had allocated Dh2bn for overseas investments this year.ssahoo@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai’s Al Habtoor Group buys historic Hotel Imperial in Vienna from Starwood<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Dubai conglomerate Al Habtoor Group has added its seventh overseas property to its...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-4904","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1h6","jetpack-related-posts":[{"id":4902,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-habtoor-group-buys-historic-vienna-hotel-from-starwood\/","url_meta":{"origin":4904,"position":0},"title":"Al Habtoor Group buys historic Vienna hotel from Starwood","date":"February 16, 2016","format":false,"excerpt":"\r \r Dubai conglomerate Al Habtoor Group has added its seventh overseas property to its hotel portfolio with an acquisition in Vienna.The company acquired the historic Hotel Imperial from New York-listed Starwood Hotels and Resorts for US$78.8 million, according to the US-based company.The announcement comes just days after Al Habtoor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27614,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bin-otaiba-investment-group-buys-hyatt-regency-birmingham\/","url_meta":{"origin":4904,"position":1},"title":"Bin Otaiba Investment Group buys Hyatt Regency Birmingham","date":"September 28, 2016","format":false,"excerpt":"\r Sharjah's Bin Otaiba Investment Group has expanded its hotels portfolio with the purchase of Hyatt Regency Birmingham.The company paid \u00a338.6 million (Dh184m) to New York-listed Hyatt Hotels for the property. It plans to spend another \u00a32.7m to renovate the property over the next three years. The hotel will retain\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27269,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-habtoor-buys-office-block-in-budapest\/","url_meta":{"origin":4904,"position":2},"title":"Al Habtoor buys office block in Budapest","date":"September 26, 2016","format":false,"excerpt":"\r Al Habtoor Group has expanded its European property portfolio with the acquisition of offices in Hungary.The conglomerate, based in Dubai, already owns two luxury hotels in the country's capital city: The Ritz-Carlton, Budapest, and The InterContinental Budapest. Now it has bought the Rumbach Centre, an office building in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3330,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-habtoor-group-buys-hilton-london-wembley-hotel\/","url_meta":{"origin":4904,"position":3},"title":"Al Habtoor Group buys Hilton London Wembley hotel","date":"February 1, 2016","format":false,"excerpt":"\r \r Al Habtoor Group has bought the Hilton London Wembley hotel as the Dubai family-owned conglomerate lines up a Dh2 billion war chest for overseas purchases this year.The group acquired Hilton London Wembley to ramp up its international hospitality portfolio to six properties, said Khalaf Ahmad Al Habtoor, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uaes-al-habtoor-group-moves-closer-to-ipo-weighs-europe-acquisitions\/","url_meta":{"origin":4904,"position":4},"title":"UAE's Al Habtoor Group moves closer to IPO, weighs Europe acquisitions","date":"June 5, 2016","format":false,"excerpt":"\r Al Habtoor Group, the sole dealer of\u00a0Bentley and Bugatti in the UAE, is closer to the initial public offering it has been considering since 2000,\u00a0its chief executive officer said in an interview.\"We have all the documents ready, all that we need to do is to update all the information\"\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8828,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-apartments-at-al-habtoor-city-begin\/","url_meta":{"origin":4904,"position":5},"title":"Sales of apartments at Al Habtoor City begin","date":"March 23, 2016","format":false,"excerpt":"\r \r The Al Habtoor Group has held a sales launch for the Residence Collection of apartments at its US$3 billion Al Habtoor City project at the junction between the Dubai Water Canal and Sheikh Zayed Road. The Residence Collection is made up of three towers under construction behind a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4904"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=4904"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4904\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}