QH Announces Establishment of New Hotel Management Company

Doha, July 04 (QNA) - As part of a long-term strategy to develop the Harrods brand, Qatar Holding LLC is to expand The Harrods Group portfolio by opening Harrods-branded hotels, in London as well as other prime locations around the world. The target plan is to open Harrods hotels at sites in key cities such as Kuala Lumpur, New York and Paris, as well as in China. Preference will be given to construct on sites already owned by Qatar Holding or its affiliates, for example at Chelsea Barracks in London or Costa Smeralda in Sardinia. In the meantime, a Memorandum of Understanding (MOU) was signed today in Malaysia between Qatar Holding LLC, represented by its Vice Chairman Dr Hussain Ali Al-Abdulla, and Jerantas Sdn Bhd, represented by Tan Sri Datuk Abdul Aziz Ismail. The MOU, to study the potential development of a Harrods Hotel in Bukit Bintang, Kuala Lumpur was signed during an event at the Property Gallery of Pavilion Kuala Lumpur. Qatar Holding, which owns Harrods, a world-famous brand name synonymous with top quality and luxury, will be establishing a hotel management company to conduct full market and feasibility studies as part of a decision-making process to select suitable sites around the world for development of Harrods Hotel properties. The intention to establish a hotel management company to develop Harrods Hotel properties around the world is part of Qatar Holding s long-term development strategy to enhance value creation from the Harrods brand. The initiative is borne from the strategic review conducted subsequent to the acquisition of Harrods in 2010, and marks the first implementation of a range of value-added programmes driven by the philosophy of active ownership. Qatar Holding ultimately intends to grow Harrods into a global enterprise that defines the luxury retail and leisure sectors. The site proposed for the hotel development in Kuala Lumpur is between Jalan Raja Chulan and Jalan Conlay, in the prime location of Bukit Bintang and neighbouring the award-winning Pavilion Kuala Lumpur shopping mall. It is anticipated that Qatar Holding and its investment partners will co-own the proposed site if the development proceeds to construction phase.(QNA)