Al Taameer Real Estate Investment Company opens first hotel in Beruit |
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The Ramada hotel brand enters the Middle East Kuwait City, 23 June 2008 - Al Taameer Real Estate Investment CompanyAl Taameer Real Estate Investment Company
today announced the opening of its first hospitality project in Lebanon, Ramada Downtown. Located in the central Solidere area of Beruit, the 99 room Ramada Downtown represents an USD $18 million investment for Al TaameerAl Taameer.
Mr Najeeb Al Saleh, Vice Chairman of Al Taameer Real Estate Investment CoAl Taameer Real Estate Investment Co., explained the importance of the development. "The significance of this project by Al TaameerAl Taameer is two fold. Not only is it the first Al TaameerAl Taameer development to open its doors to customers in Lebanon, it is the first realization of the Ramada brand in the Middle East after Al TaameerAl Taameer's acquisition of the exclusive master franchise from Wyndham Hotel Group International in 2007. We believe customers in the Middle East will appreciate the core concept of the Ramada experience - excellent service and value for money in the moderate accommodation sector."
Opening just as Lebanon's summer season commences, Mr Al Saleh expects that the hotel, which also contains restaurants, meeting rooms & business facilities, will attract business & leisure travelers alike.
Al TaameerAl Taameer also announced the acquisition of the franchise for Ramada's three star brand, Ramada Encore, a well known brand name with strong back-up support, unique design emphasising cleanliness, efficiency and consistency. The company expects to develop properties under the same brand in other markets in the near future.
In addition, Al TaameerAl Taameer continues search for other promising acquisition opportunities across the region, particularly those properties which are currently undergoing intensive due diligence in Morocco and Egypt.
-Ends-
About Al TaameerAl Taameer Real Estate Investment Company
Established in Kuwait in 1978, Al Taameer Real Estate Investment CompanyAl Taameer Real Estate Investment Company currently holds capital of KD 24,000,000 and assets of KD 46,688,289 as of the financial year ending Dec.2007. Al TaameerAl Taameer is the exclusive franchise holder for the Ramada brand in Egypt, Lebanon, Morocco, Libya, Jordan, Iraq and has recently added the Ramada Encore brand to its portfolio. Company activities encompass buying and selling shares of Real Estate Companies, consulting on Real Estate Development under Standard Qualifications and buying and operating hotels, resorts and other tourist operations. Kuwait projects include Al Corniche Club Resort and Spa and Taameer Residential Towers.
© Press Release 2008
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