By Pratap John /Chief Business Reporter
Katara Hospitality has purchased two premium assets owned by Barwa Real Estate in Doha - Barwa Al Sadd Hotel and Recreational Building and Somerset West Bay Serviced Residencies through a QR1.1bn deal signed yesterday.The two companies are due to enter into the sale and purchase agreement (SPA) of the assets after agreeing to all terms and conditions of the deal by June 2012. The agreement was signed by Katara Hospitality chairman Sheikh Nawaf bin Jassim bin Jabor al-Thani and Barwa Group chairman Hitmi bin Ali al-Hitmi at the Sheraton.Somerset Serviced Residencies consist of 200 hotel apartments, built on a total area of 52,305sq m, with 25 floors in addition to the basement and the ground floor. Singapore-based Ascott International, one of the largest hotel services providers in the world, is now managing the property. Barwa Al Sadd Hotel covers a land of 28,330sq m on Doha’s bustling Suhaim Bin Hamad Street. The hotel consists of 18 floors in addition to two basements and a ground floor. The recreational building covers a total area of 4,494sq m. Barwa confirmed its commitment to deliver Barwa Al Sadd Hotel within the next few months as it is expected to be completed by the second quarter of 2013.Sheikh Nawaf said: “As hospitality is an essential infrastructure element which supports the development of the country, the acquisition of the properties from Barwa Real Estate is a significant step in increasing our portfolio in Qatar. We are confident that the superior products we are taking over today will flourish under our management.”Al Hitmi said: “In Barwa Real Estate we pay a lot of attention to the development of local projects, which support the diversity of the national economy by supporting tourism. Such collaborations are our priority, due to the great impact they reflect on Barwa’s growth plans. Hence, we are pleased to be working with Katara Hospitality, which has always been known around the world for its originality, generosity and leadership.”Katara Hospitality, previously known as Qatar National Hotel, currently owns five internationally branded hotels in Qatar - Sharq Village & Spa, The Ritz-Carlton Doha, Sheraton Doha Resort & Convention Hotel, Doha Marriott Hotel and Mövenpick Hotel Doha. Two Merweb branded hotels – the Merwebhotel Central Doha and Merwebhotel Al Sadd Doha – and a third, the Merwebhotel City Centre Doha, which is scheduled to open in 2013, complete the domestic portfolio. In addition, it also owns and manages the Sealine Beach Resort, one of Qatar’s favourite vacation spots.