Nakheel launches Global Hotel & Resort Company

Travel News Asia 23 February 2006

Sultan Ahmed Bin Sulayem, Executive Chairman Nakheel has announced the formation of Nakheel Hotel & Resorts, A new hotel and resort investment company,  which will acquire and develop a dynamic portfolio of properties in the Middle East, Africa, Asia, Russia and the CIS.

Nakheel Hotels & Resorts Logo

The companys initial portfolio of projects will include The Trump Hotel & Tower Palm Jumeirah (800 unit condo-hotel development), a 150 room Boutique Hotel & Spa with 100 private villas and beach condos on The World, a 400 room Hotel & Resort in Djibouti, and a 200 room hotel with 200 luxury serviced residences on The Palm Jumeirah. Other projects under development include properties in Morocco, Oman, Africa, India, Asia and CIS.

Nakheel Hotel & Resorts will focus on building a portfolio of leading hotel and resort properties and strengthening Nakheels regional and international alliances in the hotel, resort, hospitality and tourism sectors through acquisitions, Nakheel Hotel & Resorts will finance investments through private equity and debt finance sources as well as potentially other partners and investors. The company will strategically grow through franchising, acquisitions, and development and will seek to maximise growth and profitability in its investments by capitalizing and leveraging on the brand value of the groups existing assets and by leveraging the expertise and brand value of The Palm and other Nakheel projects.

"The formation of Nakheel Hotel & Resorts marks an important step forward for our group. As a corporate centre, the new company will create a conduit of opportunities and further enhance value by capitalizing on new market opportunities that complement and leverage our expertise and the reach of Nakheel projects on a regional and international basis. The growth plans and diversity of our groups portfolio requires us to develop innovative management structures and world class teams.

"Nakheel Hotel & Resorts will bring together some of our most experienced and respected management talent from Dubai and internationally. I have appointed James Wilson as Chief Executive Officer Nakheel Hotel & Resorts LLC and have great confidence in the team and look forward to positive results. James has played a key role in helping us restructure and focus Nakheel and will continue leading the team to deliver Palm Jumeirah at the end of the year", said Sultan Ahmed Bin Sulayem.

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