Qatar’s sovereign wealth fund has apparently entered “advanced talks” to purchase St. Regis properties in two of the US’s most expensive markets, Bloomberg reports.
The St. Regis New York and the St. Regis in San Francisco could collectively sell for as much as US$1 billion, though possibly less, the newswire said.
The talks come as the Qatar Investment Authority (QIA) diversifies away from Europe and looks to buy more properties in the US and Asia.
In September, officials announced plans to invest some $35 billion in the US over the next five years.
Qatar’s ambassador to the US said at the time that the investment would deepen economic cooperation between the two countries, adding that the wealth fund would open an office in New York City.
St. Regis luxury hotels fall under Starwood Hotels & Resorts Worldwide Inc. The company is expected to be acquired by Marriott International later this year, in a deal that would create the world’s biggest hotel operator.
Before that happens, Bloomberg said Starwood is trying to sell off five hotels in the US.