Qatar may increase its stake in Fairmont Raffles by acquiring Colony Capital’s share of the hotel company, the Financial Times reported, citing an executive with one of the sovereign nation’s wealth funds.
Christopher Knable, chief operating officer of Qatar’s Katara Hospitality, would only confirm to the Financial Times that the country is increasing its investment in Fairmont Raffles, whose divisions are luxury brands Fairmont, Raffles and Swissotel.
Qatar owns about 45% of Fairmont Raffles, the Financial Times said, citing a person familiar with the process, and would boost its stake to about 67% by buying out Colony Capital.
Qatar’s Qatari Diar fund partnered with Cayman Island-based Voyager Partners in 2010 to buy a 40% stake in Fairmont Raffles for $847 million.
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