| Despite the tumbling prices of oil, sovereign wealth funds from the UAE, Qatar and Kuwait are continuing to pour billions of dirhams’ worth of investment into some of Europe’s finest hotels. About US$5.2 billion of cash from Middle East investors has found its way into hotels in the United Kingdom and mainland Europe over the last 24 months, according to the property broker CBRE.
Last year alone, Middle East buyers spent three times as much on European hotels as they did at the height of the previous global property boom in 2007. The big-ticket buying spree from GCC investors includes three of London’s highest-profile hotels – Claridge’s, the Berkeley and the Connaught, which were bought in April last year by part of Qatar’s sovereign wealth fund...............................................Full Article: Source
|