(ANSAmed) - ROME, APRIL 19 - The Costa Smeralda, with some of
the most beautiful views of the sea in the world, has been
narrowed in on - alongside its tourism business - by Qatar's
emir and one of the richest men in the world, Hamad Bin Khalifa
Al-Thani, through the sovereign wealth fund Qatar Holding. The
definitive agreement for the acquisition of Smeralda Holding,
owner of some of the most luxurious hotels in the northeastern
area of Sardinia, from the US real estate company Colony Capital
(under Tom Barrack) was finalised on Monday.
It was on March 14 1962 when the Ismaelite prince Karim Aga
Khan and a group of founding members transformed the pastures
and rocks of Monti di Mola into the paradise of the Emerald
Coast, a corner of Sardinia which has become one of the most
exclusive in the world due to its beauty, superstar hotels and
important guests. In 1994 the Emerald Coast then went into the
hands of the Sheraton hotel chain, later absorbed by Starwood -
which in turn in 2003 sold it (keeping hold of its management)
to the US national of Lebanese origins Tom Barrack, which has
now handed it over to the emir.
Qatar's sovereign wealth fund already held 14.3% of the
company capital and now reportedly holds over 51% of Smeralda
Holding, which guards over four 5-star hotels (Cala di Volpe,
Pitrizza, Romazzino and Cervo Hotel), as well as the Marine with
700 places for boats, the Porto Cervo villa and the Pevero Golf
Club, among the 100 most important golf courses in the world, as
well as 2,400 hectares on the sea around Arzachena.
The agreement is thought to be part of a plan for a relaunch
including recapitalisation in order to bring down the group's
debts (currently totalling around 200 million) and new
investment. The sovereign wealth fund, led by Sheikh Hamad Bin
Jassin Bin Jabr Al-Thani, who is also the Prime Minister and
Foreign Minister of the emirate, was created in 2006 as the
operating branch of the Qatar Investment Authority, which
manages the enormous wealth of the gulf country, rich in oil and
even more so in natural gas.
The Emerald Coast is known around the world as being a
favourite for VIPs and others, with its splendid beaches which
rank it among the most beautiful in the world. (ANSAmed).
