Qatar Fund Eyes Top Hotels In Hunt For London Assets - Report

LONDON (Dow Jones)--Qatar Investment Authority, one of the world's richest sovereign wealth funds, with U.K. interests including Harrods, the U.S. Embassy building in Mayfair and Chelsea Barracks, is preparing to make offers on two of London's most famous hotels, U.K. newspaper The Times reported Thursday, without citing sources. The report said the Qatar Investment Authority, which also has stakes in J Sainsbury PLC (SBRY.LN), Barclays PLC (BCS.LN) and the London Stock Exchange Group PLC (LSE.LN), is understood to be in talks to buy about a third-share of the Savoy Hotel and, separately, to be among the final bidders in the GBP500 million-plus auction of Grosvenor House. The authority--which is controlled by Qatar's ruling Al Thani family and was set up in 2005 to invest the billions of dollars generated by the tiny Gulf emirate's huge gas reserves, focusing on prime assets in London, is seen by experts as taking advantage of the weakness of the sterling and the fall in prices since the recession, the report said. Newspaper Web site: http://www.timesonline.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320 (END) Dow Jones Newswires June 17, 2010 01:41 ET (05:41 GMT)