Oman- SGRF takes 90% stake in Marriott Paris hotel

(MENAFN- Muscat Daily) The sultanate's sovereign wealth fund the State General Reserve Fund (SGRF) has acquired a 90 per cent stake in the Marriott Ambassador Paris Hotel.

The transaction was completed through a joint venture (JV) with Westmont Hospitality Group (WHG) which will own ten per cent of the stake and will provide operational oversight to the hotel an SGRF press release said on Monday.

WHG has significant experience in managing budget to upscale hotels and currently owns and/or manages a portfolio of about 350 hotels across North America and Europe under multiple hotel franchise brands.

The hotel is situated on the Haussman Boulevard in central Paris.

It has 298 rooms together with a restaurant and conference rooms. It also has a fitness centre business centre and an executive lounge. The hotel is located in close proximity to some of the big corporate headquarters and some key tourist and shopping attractions in Paris.

SGRF has investments in more than 25 countries worldwide in a diversified portfolio of asset classes.

The fund recently said that it has generated an average annual return of 7.5 per cent since its inception in 1980 up to December 2014. It holds between 65 to 85 per cent of its assets in public markets and between 15 to 35 per cent in private markets globally.