19.08.2015 - Oman fund acquires 90 per cent stake of Mariott Ambassador Paris Hotel
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...............................................Full Article: Source
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