First Qatar signs deal with Hilton Worldwide
Company to invest $390mn in new hotel on Pearl Island
The First Qatar Real Estate Development Company (First Qatar) has signed a management agreement for its property on the Pearl Island with Hilton Worldwide.
Over the next few years, First Qatar will be investing up to $390mn in the new hotel, which will be located on the artificial island ‘The Pearl’ in Qatar.
“This is the most significant investment to date in Qatar for our group,” said Ala Ramdan, vice president of First Qatar.
“With its successful track record in attracting tourism and major sports events, Qatar remains a very attractive market for us. The recent increase in commitment at The Pearl, driven by the new management of the UDC, has been a decisive factor that has encouraged us to increase our investment at The Pearl Qatar.”
Fahad K. Al-Ghunaim, chairman & CEO, First Qatar, added: “Our alliance with Hilton Worldwide combines the property development expertise of First Qatar with the famous quality and service standards from one of the industry’s best known, global hospitality companies.
“Together we will develop a property with the right balance of quality facilities and high service standards designed to appeal to Qatar’s growing numbers of leisure and business travelers.”