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Doha, Qatar - 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, today announced that The Manhattan at Times Square Hotel in New York (which ARTIC acquired in 2014) is to become a W hotel.
ARTIC has signed a Memorandum of Understanding with Starwood Hotels & Resorts, one of the world's leading hotel and leisure companies, which will see Starwood take over the management of The Manhattan at Times Square Hotel. Under the MoU, ARTIC is fully renovating the Hotel, complying with Starwood's exacting specifications for the W brand. The renovation and conversion programme is expected to be completed by the end of 2017 and see an investment of some US$250million. On completion, the Hotel will become a W hotel, meeting strong demand in the city for the W's chic, contemporary design and high quality service.
Built in 1962, the 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 currently 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.
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of ARTIC, commented: "ARTIC's renovation and rebranding of this prime New York hotel under the iconic W brand is in line with our strategy of adding value to high quality assets in premium locations. We have developed a strong relationship with Starwood Hotels & Resorts in recent years and I am pleased to announce this latest agreement which further extends our collaboration with them. The US is a key market for us and I am confident that we will invest in more hotels there as we further enhance ARTIC's portfolio of premium hotels and move towards a flotation of the Company on one of the international stock exchanges."
Mr. Tarek M. El Sayed, Executive Board Member, said: "When we acquired The Manhattan at Times Square Hotel last year we said that we were planning a major renovation and for the Hotel to be managed by a leading international hotel company. Today's announcement marks the next stage in that process and it also reflects our commitment to increase the value of our assets. We look forward to further enhancing our US presence as more opportunities arise."
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About Al Rayyan Tourism Investment Company
Established in 2003, Al Rayyan Tourism and Investment Company (ARTIC), is a wholly owned subsidiary of Al Faisal Holding, based in Qatar. ARTIC 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.
In line with Al Faisal Holding's strategy for the growth of its domestic and international hospitality business, ARTIC's current portfolio comprises 24 hotels and projects in the Middle East and Africa, Europe, and North America. In addition to its hotel portfolio in prime cities around the world, ARTIC owns hospitality-related services providing cost-effective support services in a shared service model, including laundry, catering and procurement services.
Visit www.artic.com.qa
www.linkedin.com/company/al-rayyan-tourism-investment-company
About Al Faisal Holding
Incorporated in 1964, Al Faisal Holding Company LLC ("Al Faisal") is one of Qatar's largest privately held diversified industry groups, owned by His Excellency Sheikh Faisal Bin Qassim Al Thani. Al Faisal operates through its subsidiaries and associated companies in a variety of sectors, including real estate, construction, hospitality, trading, transportation, entertainment, education, services and information technology. Al Faisal's investments include its interest in Aamal Company Q.S.C, one of Qatar's largest, most diversified and fastest growing companies, in addition to investments in a range of sectors across Europe, MENA region and the United States of America.
For Further Information:
Al Rayyan Tourism Investment Company ("ARTIC")
Arwa Goussous,
Corporate Communications Manager
pr@alfaisalholding.com
mobile # +974 5513 9539
Citigate Dewe Rogerson
Ramiz Al-Turk
+44207 638 9571
+974 5014 9201
© Press Release 2015
