Qatar agrees to buy London's Grosvenor House hotel - source | Reuters

Qatar agrees to buy London's Grosvenor House hotel - source | Reuters:

Qatar has agreed to buy one of London’s most famous hotels, Grosvenor House, as the energy-fueled economy enables the wealthy Gulf state to go on a buying spree of luxury Western properties despite a blockade by its neighbours.

A source with knowledge of the deal said the acquisition of Grosvenor House - located on Park Lane in front of Hyde Park in London’s Mayfair district - had been agreed on Tuesday with the previous owner, private U.S. real estate investment firm Ashkenazy Acquisition Corp. The price was not disclosed.

Ashkenazy Acquisition did not respond to a request for comment. Qatar’s wealth fund, Qatar’s Investment Authority, which is buying the hotel via its Katara Hospitality holding, did not respond to a request for comment.