Al Rayyan Tourism and Investment (ARTIC) has acquired the five-star Boscolo Aleph Hotel in Rome, Italy, to keep up with its expansion strategy aiming at quality assets worldwide.
Financial details of the deal have not been disclosed yet.
The recent purchase adds to the portfolio of the firm, which owns 24 premium properties across Europe, the Middle East, Africa and North America.
Strategically located in the centre of the Italian capital, the Boscolo Aleph Hotel covers 6.500m² and houses 96 rooms and suites over six floors along with a roof garden, spa and various hospitality and dining options.
The hotel is 100m from Via Veneto, and is a renovated version of a historic palace which was built in 2002.
ARTIC chairman Sheikh Faisal Bin Qassim Al Thani said: "With its exquisite architectural design, historical value and prime location, the Aleph hotel is a perfect fit with our long-term investment strategy and is a valuable addition to our portfolio which also expands our European footprint to Rome, one of Europe’s and the World’s leading luxury tourist destinations.
"We will continue to enhance ARTIC’s portfolio of premium hotels in line with the company’s medium-term plans for a flotation on one of the international stock exchanges."
ARTIC CEO Rutger Smits said: "ARTIC is a fast-growing global hospitality company with long-term investment outlook. The Aleph Hotel has many appealing characteristics, which make it an attractive investment opportunity and destination for both tourists and business travellers."
Designed by architect Adam D Tihany, the Boscolo Aleph Hotel has also won the Villegiature Awards for the best interior design in Europe.
ARCTIC is the international hospitality subsidiary of Al Faisal Holding, which is one of the largest private diversified industry groups in Qatar.