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18/08/2015 07:49 AST
State General Reserve Fund (SGRF), the Sultanate’s sovereign wealth fund, has acquired a majority stake in Marriott Ambassador Paris Hotel by purchasing 90 per cent of its shares.
The transaction was completed through a joint venture with Westmont Hospitality Group (WHG) which will own 10 per cent of the hotel shares and will provide the operational oversight to the hotel, according to a press release.
WHG has significant experience in managing budget to upscale hotels and currently own and/or manage a portfolio of about 350 hotels across North America and Europe under multiple hotel franchise brands.
Theis hotel situated on the Haussman Boulevard in Central Paris. It has 298 rooms together with a restaurant and meeting/conference rooms. It also has a fitness centre, business centre and an executive lounge. It is located in close proximity and walking distance to some of the big corporate headquarters and some key tourist and shopping attractions in Central Paris.
Times of Oman
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
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