| Investment Corporation of Dubai, the emirate’s main investment vehicle, has strengthened its presence in the global hospitality business with the acquisition of stakes in three luxury hotels. ICD has purchased the W Hotel in Washington DC, a majority holding in the Mandarin Oriental in New York, and a minority in the One & Only resort in Cape Town, South Africa.
The purchase price was not announced. “Building on our strong domestic growth in the hospitality and tourism sectors, this strategic move reinforces ICD as a serious contender in the global luxury hospitality space,” said Mohammed Al Shaibani, the executive director and chief executive of ICD...............................................Full Article: Source
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