Qatar buys Raffles hotels in Singapore, Paris

A Qatar-owned company says it has taken over the famous Raffles Hotel Singapore and an affiliated luxury hotel in Paris in the latest high-profile acquisitions by the energy-rich Gulf state, reported AP.

The Qatar National Hotels Co said on Saturday that it recently took ownership of the 125-year-old Raffles Hotel Singapore and Le Royal Monceau Raffles hotel in Paris.

It did not disclose financial terms in the deal with Toronto-based Fairmont Raffles Hotels International, which had owned both hotels.

State-owned Qatari companies have been snapping up investments at a brisk pace in recent months, including stakes in European energy companies, Germany’s largest builder Hochtief AG and majority ownership in the French football team Paris Saint-Germain.