Qatar's Al Faisal Holding buys W London hotel

Qatar's Al Faisal Holding, owned by a Qatari royal family member, has bought the W London Hotel from Northern Irish developer McAleer & Rushe for £200 million ($318m), it said in a statement on Wednesday.
 
The 10-storey property opened on the corner of Leicester Square and Wardour Street in February and has 192 rooms, a Michelin-starred restaurant, a 35,000 square foot M&M's store and 11 apartments.
 
It was put up for sale in January by property broker Jones Lang LaSalle.
 
Family-run Al Faisal, a holding company for businesses ranging from information technology, entertainment and construction, is among a raft of Gulf Arab investors which have pounced on overseas assets after valuations plummeted in the global financial crisis.
 
Last year the investment arm of Qatar's sovereign wealth fund bought the famous London department store Harrods in a deal said to be worth around £1.5 billion ($2.3bn).
 
Al Faisal Holding owns a controlling stake in Qatar's Aamal, a diversified trading, property and industrial company.