DOHA, QATAR—Al Rayyan Tourism Investment Company (ARTIC), the international hotel investment and hospitality subsidiary of Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups, has acquired The St Regis Washington, D.C.
The 182-room hotel is located two blocks north of the White House at the intersection of 16th and K Sts. The property, which is also comprised of an adjacent 22,000-sq.-ft. parcel of land with significant development potential, will continue to fly the flag of St. Regis.
“I am particularly pleased with this acquisition. The St. Regis Washington D.C. fits perfectly with our expansion strategy and investment criteria; it has an extraordinary location, superb asset quality and beautiful architecture,” said H.E. Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC. “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 U.S., 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.”
“ARTIC is built on strong foundation, since its establishment in 2003, it stayed committed to achieving its vision,” said Sheikh Mohamed Bin Faisal Bin Qassim Al Thani, vice chairman of ARTIC. “We have a long-term investment approach which is clearly paying off. ARTIC portfolio has more than 24 premium hotels and resorts located in the MENA, Europe and the United States. 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 maximize 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.”
“We are delighted to expand our North American portfolio through the acquisition of this world-class property,” said Tarek M. El Sayed, executive board member.
“The U.S. 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 prioritize high-quality assets to which we can add further value, this acquisition has the potential for further development. In addition to the 182-room luxury hotel, it includes an adjacent parcel allowing for the development of approximately 22,000 sq. ft. additional space zoned for hotel, office, most retail, parking and/or residential uses. Going forward, we will continue to look for similar opportunities to build and further enhance our portfolio, and to review other potential acquisitions holding the St. Regis brand, in the U.S. market and beyond.”