Marriott sells St. Regis New York to Qatar for $310m

A subsidiary of Marriott International has sold the famous St. Regis New York hotel to the Qatar Investment Authority for $310 million.

Marriott will continue to manage the hotel.

The 18-story St. Regis New York was opened in 1904 with 229 guest rooms.

Marriott International acquired St. Regis New York in the $13.6 billion deal for Starwood Hotels & Resorts completed in 2016.

The sovereign wealth fund opened a New York office in 2015 with plans to invest $35 billion in the United States by the end of 2020.