Colony Capital plans more hospitality investment in GCC

06 October 2010

Company holds shares in Carrefour, Fairmont and Accor

US-based private international investment firm Colony Capital has said it plans to continue to expand its hospitality and consumer businesses in the Gulf region, Reuters has reported. In addition to being the largest shareholder in French retailer Carrefour, the firm has large investments in Fairmont Hotels and is the largest shareholder in Accor, the world’s fourth-largest hotel group that operates six brands in the Middle East. “We have eight new Accor hotels that are being built in Saudi Arabia… we’ve got Carrefours being built in almost every GCC country,” Thomas Barrack, chairman and chief executive told reporters at Cityscape Global. “We have tens of millions of Euros of investments going into these growing platforms mostly in hospitality and consumer goods,” he said, declining to say how much the firm would look to invest in the region over the next five years.

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