Under the pact, Qatari Diar will sell a 20% stake to the Hong Kong-based hotel operating company, which didn't respond to an interview request by deadline. Internet research shows that construction could begin as early as third quarter 2009 to convert the six-story building at 19 Avenue Kleber, which was UNESCO's headquarters until 1958, into the 10th Peninsula Hotel in the world. Qatari reportedly paid nearly 460 million euros [$732.4 million] to France for the state building, now occupied by the Centre International de Conferences.
Built in 1907, the former Majestic Hotel was closed in 1936 and taken over by the state. During World War II, it housed occupying German troops and then became UNESCO's headquarters before transitioning to the French Ministry of Foreign Affairs.
Qatari Diar and HongKong and Shanghai are planning to open the Peninsula Paris in mid-2012, according to a press release about the just-signed agreement. Nearly one-fourth of the 250 rooms will be suites, ranging from 30 sm2 [322.9 sf] to 50 sm2 [538.1 sf].
Peninsula flags now fly in Hong Kong, New York City, Chicago, Beverly Hills, CA, Tokyo, Bangkok, Beijing and Manila. In 2009, doors swing open after three years of construction on the 235-key, 15-story Peninsula Shanghai at 32 Zhongshan Dong Yi Rd. in Shanghai. Like its sisters, the hotel's special features include themed areas, signature lobby, grand ballroom, special events salon and retail shops.
Hongkong and Shanghai Hotels Ltd. owns 20% to 100% interest in its Peninsula properties, according to its website. The chain's first hotel opened in 1928 in Hong Kong.
Qatari Diar Real Estate Investment Co. is fully owned by the Qatar Investment Authority, a sovereign wealth fund marking its fifth year. It has a significant direct investment in the UK's Canary Wharf and is developing a mall at a prime retail location in Kuala Lumpur. It also has investments in Italy, Oman, Morocco, Egypt, Syria, Sudan and the Seychelles.
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