Harrods to develop global group of hotels
A group of Harrods-branded hotels are to open in London and other prime locations around the world.
Qatar Holdings - which brought the Knightsbridge store from Mohammed Al Fayed for about £1.5b, two years ago - said that its preference was to construct hotels in sites it already owns, including Chelsea Barracks in London and Costa Smeralda in Sardinia.
It is also considering developing hotels in Paris, New York and Kuala Lumpur, as well as China.
A hotel management company is to be set up by Qatar Holdings to conduct a feasibility study to select suitable sites for the hotels and then develop the properties. It is part of the company's wider plans to expand Harrods into a global enterprise.
Qatar Holdings is the investment arm of the Qatari royal family's sovereign wealth fund, Qatar Investment Authority. Its chairman, Sheikh Hamad Bin Jassim Bin Jabr Al-Thani, is also Qatar's prime minister.
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By Janet Harmer
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