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Qatar fund buys Barcelona’s Renaissance Hotel for €78.5 million
An investment fund from Qatar has bought the Hotel Renaissance, located in the Eixample neighbourhood of the Catalan capital. Inici del formulariAccording to La Vanguardianewspaper, the transaction was closed at the price of €78.5 million. The Marriott Group will continue running the establishment as the agreement provides for a long-term management, but the Qatari buyer will participate in the most strategic decisions. The hotel passed from having four-stars when it belonged to AC Hotels, to five stars, after being purchased by the Marriott Group. Its workforce expanded considerably to reach a hundred employees after its re-opening in March 2012. The hotel features 211 rooms and had an average occupancy of 67 % during its first opening year.