|
A joint venture to build an Express by Holiday Inn hotel in Kuwait City was
recently signed by Ishraq Gulf Real Estate Holding Company and Arab Real
Estate Company (AREC). The property will be constructed at a cost of $20 Million and will cater to the growing demand for affordable quality
lodgings in Kuwait.
The partnership, which marks Ishraq’s foray into Kuwait, reflects the real estate developer’s intention to develop and expand the Express by
Holiday Inn hotel chain across the GCC and Middle East and is part of an aggressive five year plan to develop over 36 Express by Holiday Inn
properties across the region.
Ishraq Gulf Real Estate Holding Company, a Bahraini registered company, holds the exclusive rights to develop Express by Holiday Inn brand in
the UAE, Oman, Qatar, Bahrain and Kuwait.
The joint venture diversifies AREC’s portfolio of hotels in Kuwait.
The signing ceremony was held at the offices of Dubai International Capital (DIC) in the presence of Mr. Mufeed Abdal, General Manager of
AREC, , Thierry Loue Managing Director of Hospitality Management Services (HMS) and senior officers of
DIC.
Sami Al
Ansari, Chief Operating Officer of Ishraq said, “The joint venture will fill a gap in the Kuwait market for branded budget hotels, which we feel will contribute to the growth of
tourism while keeping prices affordable and guaranteeing quality.”
HMS who will operate the hotels, are the the master franchise developer and operator of Express by Holiday Inn in the
G.C.C.
See
other recent news regarding:
InterContinental
Hotels Group, Kuwait
|
