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Qatar plans line of hotels under its Harrods brand

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July 4, 2012 09:25 AM EST | AP


DUBAI, United Arab Emirates — The Qatari owners of Harrods department store are planning to launch a line of hotels branded with the name of the London landmark.

Qatar Holding said in a statement sent Wednesday it is aiming to open Harrods hotels in several cities, including London, New York and Paris.

It says it signed a deal Tuesday with Malaysian property developer Jerantas to study the launch of a Harrods hotel in the Southeast Asian country's capital, Kuala Lumpur. Financial terms weren't disclosed.

Qatar Holding bought Harrods from businessman Mohamed Al Fayed for a reported $2.2 billion in 2010.

Qatar Holding is the main investment arm of natural gas-rich Qatar's sovereign wealth fund. Its holdings include stakes in British bank Barclays, French luxury conglomerate LVMH Moet Hennessy Louis Vuitton and high-end American jeweler Tiffany.