Qatar plans $1.35bn Sardinia tourism projectby CW Staff on Feb 3, 2013
Qatar Holding has unveiled plans for $1.35bn investment in Sardinia's tourism sector, it has been reported.
The company will build four luxury hotels on Sardinia's Costa Smeralda, more than doubling tourism capacity to 900 beds, news service ASNAmed said.
It added that the plan was announced by Alberto Ragnedda, mayor of Sardinian town Arzachena. The plan includes a 150-room Harrods Hotel, a 200-room family hotel, both for the luxury market.
ANSAmed said the project also includes an aquatic amusement park inside the Liscia Ruja reserve, a low-impact electric Go-Kart route within a former landfill at Abbiadori, and the expansion of existing road and water and sewerage systems.
Ragnedda was quoted as saying: "It is an important investment that bets on culture and on local education. It will create opportunities not only for Sardinians, but will attract students from around the world."
Last year, Qatar Holding signed an agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, from Colony Capital, the US-based real estate investment firm.
Under the terms of the agreement, Qatar Holding acquired a portfolio consisting of four luxury hotels with a total of 372 rooms, the Porto Cervo Marina, the Porto Cervo Shipyard, the Pevero Golf Club, a 51% interest in 2,290ha of adjacent undeveloped land and various other real estate assets in Costa Smeralda.
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