Harrods is planning to open branded hotels in London, New York, Kuala Lumpur, China and Paris.
Owned by Qatar Holding – the Doha-based fund of the Qatar Investment Authority responsible for investing Qatar’s sovereign wealth – the luxury department store has signed an agreement with Malaysian property developers Jerantas Sdn Bhd to build the first Harrods hotel in Kuala Lumpur’s Bukit Bintang shopping district.
A hotel management company will be established to expand the chain around the world.
“Preference will be given to construct on sites already owned by Qatar Holding or its affiliates, for example at Chelsea Barracks in London or Costa Smeralda in Sardinia [Italy]. Qatar Holding ultimately intends to grow Harrods into a global enterprise that defines the luxury retail and leisure sectors,” said a spokesperson.
Qatar Holding bought Harrods from Mohamed Al Fayed for an estimated £1.5bn in 2010. It also owns luxury apartment complex One Hyde Park, the US embassy in Grosvenor Square, Chelsea Barracks and will take over the Olympic Village after the Games.
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