Marriott Sells St. Regis New York to Qatar Investment Authority - Bloomberg:
Marriott International Inc. has sold the St. Regis New York for $310 million to Qatar’s sovereign wealth fund, offloading a historic property that served as the launching point for an indispensable cocktail and a preeminent luxury hotel brand.
The purchase gives Qatar Investment Authority another trophy asset to add to an expanding portfolio across the globe. The fund has been boosting its investments in the U.S., including purchasing stakes in properties in New York.
The St. Regis hotel, located on East 55th Street near Fifth Avenue, was opened by John Jacob Astor IV in 1904. The 18-story Beaux-Arts building contains more than 200 guest rooms and the King Cole Bar, a watering hole where the Bloody Mary is said to have been invented.
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