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by Executive Editors January 28, 2012

written by Executive Editors January 28, 2012

Changing hands in Cannes Eight months after Lebanese investor Toufic Aboukhater bought a string of seven InterContinental Hotels in Europe from Morgan Stanley Real Estate Fund, including the Carlton Hotel in Cannes, the same hotel has been sold to Qatari national Ghanim bin Saad al-Saad for $586 million, according to AFP. Starting in August 2012, the hotel will undergo previously planned renovations for a period of 10 months, its first major renovation since being established in 1911. In 2006, Morgan Stanley paid $826 million for the same portfolio. The December AFP report said the Qatari investor was also interested in other hotels belonging to the InterContinental chain, including those in Vienna, Rome and Madrid. In similar news, Saudi Arabian businessman Sheikh Mohamed bin Issa al-Jaber concluded a “100 percent equity” deal on December 14 to buy back the Scotsman Hotel Group, after it fell into the hands of creditors during

Executive Editors

Executive Editors are the collective voice of the magazine. Stories written by Executive Editors are the culmination of discussions, brainstorming, research and information-gathering by our editorial team. Over decades, our editorial team has applied a blend of seasoned expertise and a discerning eye to bring you insightful and engaging and substantive reads that eschew sensationalism.

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