DOHA, Qatar—March 19, 2008— Qatar National Hotels Company (QNH) has taken yet another important step in its international expansion strategy. 

A closing deal signing ceremony was held at Le Royal Monceau in Paris, France earlier this month between QNH and former owning company AGF Immobilier for the acquisition of a property situated in the heart of the business and commercial centre of Paris, on Rue d'Anjou and Rue de Faubourg Saint-Honoré for a total purchase price of Euro 50 million. The property will be converted to a 5 star hotel with a total estimated cost of 100 million Euros and it is scheduled to open its doors in mid-2009. 

The acquisition is QNH's second in Europe after the recently acquired 170 room Park Hyatt in Marbella, Spain and the third international acquisition together with the 384 room Renaissance Resort in Sharm El Sheikh, Egypt. The newly acquired properties reflect the company's investment and diversification strategy in well established, prestigious markets.

HE Sheikh Nawaf bin Jassim bin Jabor Al Thani, Chairman of QNH, said: "We continue to see considerable potential and opportunities in the European region and I am delighted to be announcing today our second investment in a key European destinations. The timing of this acquisition reflects the Company’s ability to acquire existing assets with growth perspective, which in this case will be driven by the market and QNH's active asset management."

The new Paris property boasts an excellent location in the city centre; within a 10 – 15 minute walk to the Louvre Museum and 5 minutes the Champs Elysees, offering 70 exclusive rooms and suites. Other amenities include a restaurant, lobby lounge, indoor pool and spa; a multi-purpose function room for up to 100 persons is also available for banquets and conferences. 

The property comprises two buildings linked together, covering a surface of 11,000 square meters. Following substantial ongoing refurbishment works, it will reopen its doors in mid-2009 under the management of a five star international hotel chain.