Qatar Fund Buys Costa Smeralda Italy Resorts From Colony Capital
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Qatar Holding LLC, the investment arm of the Persian Gulf country’s sovereign-wealth fund, agreed to buy luxury hotel owner Smeralda Holding from Colony Capital LLC as the Qatari state seeks to diversify investments.
The purchase includes four hotels in Costa Smeralda, on the Italian island of Sardinia, as well as a golf course, marina and undeveloped land, Qatar Holding said in a statement today. Smeralda Holding will keep its existing management and Starwood Hotels & Resorts Worldwide Inc. will continue to run the hotels.