The Qatar Investment Authority is reportedly in talks to buy two flagship St Regis hotels in New York and San Francisco.
The hotels are owned by St Regis parent Starwood Hotels & Resorts Worldwide and talks are well advanced, a Bloomberg report citing unnamed sources says.
The combined sale price could be up to $1 billion.
The landmark St Regis New York has 238 rooms and the San Francisco property has 260 rooms.
Starwood has been trying to offload its premium real estate for the last couple of years, moving to an asset-light business model to free up funds for further expansion.
That policy hasn’t changed since it agreed to be acquired by rival Marriott International in a multi-billion dollar transaction that will complete next quarter.
Starwood is looking to sell a total of five US hotels which also includes the Westin Maui Resort & Spa, Atlanta’s Westin Peachtree Plaza and the Tremont Chicago Hotel at Magnificent Mile.
