The Qatar Investment Authority is in talks to buy St. Regis hotels in New York and San Francisco from Starwood Hotels & Resorts Worldwide, a report has unveiled.

According to a report in Bloomberg, sources close to the matter revealed that the properties, which could be valued at $1 billion, could sell for less.

The properties in question are The St. Regis New York, a Beaux Arts landmark on 55th Street off Fifth Avenue, which has 238 rooms and The St Regis San Fransisco, which has 260 rooms.

The negotiations come at a time when the hospitality group is looking to sell its remaining real estate as it prepares to be acquired by Marriott International next quarter, the report said.

The Qatar Investment Authority, the country’s sovereign-wealth fund, was set up in 2005, with a real estate division established in 2009. It has invested about $38 billion in property around the world, with $21.7 billion in office transactions and $7.5 billion for hotels, including the 2014 purchase of the St. Regis Rome, according to Real Capital Analytics.