DOHA, Qatar— December, 2006— Qatar National Hotels Company announces the acquisition of the Renaissance Golden View Beach Resort, Sharm el Sheikh in Egypt.
An official of the Qatar Investment Department announced that the government of the State of Qatar has purchased the Renaissance Sharm El Sheikh Resort from Kiroseiz for Touristic Investment Co. S.A.E. Covering over 87,000 square meters, for approximately 50 million US dollars. The Renaissance Sharm El Sheikh Resort is nestled at the southern tip of Egypt's Sinai Peninsula at Om El Seid Hill, Sharm el Sheikh in the Arab Republic of Egypt. 
The official added that the acquisition of this resort by the State of Qatar comes under Qatar's plan for foreign investment in the tourism sector, in particular in the neighboring Arab countries. This plan will enhance bilateral cooperation between the sister countries and the development of mutual investments among themselves.
The source pointed out that the hotel built as a tourist destination resort is managed by Marriott International, Inc. under the name of Renaissance Golden View Beach Resort Sharm El Sheikh. The resort which opened in 2004 offers 408 units consisting of 5-star hotel rooms and suites.     
The official explained that representing the State of Qatar, the resort is 100% owned by Qatar National Hotels Company (QNH). The resort was registered under the name of Qatar National Hotels Company on November 25, 2006 after the completion of legal procedures that required the consent of the government of the Arab Republic of Egypt, according to the laws in force there.

The source added that Marriott International, Inc. will continue to manage the resort and Qatar National Hotels Company will seek to develop the services provided throughout the resort. Furthermore, QNH will introduce some renovations to bring it up to the hotel standards of the company.