(MENAFN) Qatar "based Constellation Hotel Holdings is to acquire 80 percent of a joint venture with InterContinental Hotels Group (IHG) to own and renovate a New York Hotel, Arabian Business reported.
Constellation Barclay Holding US, an affiliate of the Qatari investor, paid USD240 million for the stake in the InterContinental New York Barclay.
A statement by IHG said: "Constellation Barclay Holding US, and IHG have agreed to invest through the joint venture in a significant refurbishment, repositioning and extension of the hotel."
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