Sovereign Hospitality Holdings to Develop Urban Resort in Tripoli, Libya with InterContinental Hotels Group (IHG) |
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Sovereign Hospitality HoldingsSovereign Hospitality Holdings
, owned by M.A. Kharafi Group of Kuwait, is pleased to announce it will develop an extensive resort in Tripoli, Libya, to be managed by Holiday Inn, an InterContinental Hotels GroupInterContinental Hotels Group owned brand. The development will feature the 4 star Holiday Inn Tripoli Hotel, as well as real estate opportunities, and is due to open in 2011. Sovereign Hospitality HoldingsSovereign Hospitality Holdings will invest in excess of US$130million in this project.
The Sidi Al Abdalus site is located on the Mediterranean coast in the eastern suburb of Tajurra in Tripoli. The resort will feature a 1.4km beach front with clean, clear water ideal for swimming and water sports. A private beach club and water sport facilities will be developed to a 5 star standard.
In addition to the 252 room Holiday Inn property, 100 villas and apartments serviced by Holiday Inn will be available for both long and short term occupancy. A high quality shopping complex, food court featuring international brand food franchises, convention centre and spa will be incorporated to support this development.
Mohamed Fahmy, Chief Executive of Sovereign Hospitality HoldingsSovereign Hospitality Holdings commented:
"Libya is a peaceful North African country enjoying buoyant economic conditions as its natural resources assets are fully developed. This project represents a rewarding investment opportunity for Sovereign Hospitality HoldingsSovereign Hospitality Holdings, who will be poised to take advantage of a young, growing local hospitality market. This project reflects Sovereign Hospitality HoldingsSovereign Hospitality Holdings' dynamic approach to investment in the hospitality sector and their ability to grow their portfolio through strategic and high yield opportunities. Sovereign Hospitality HoldingsSovereign Hospitality Holdings is committed to corporate social responsibility and its execution of this project will generate more than 700 direct and 4,000 indirect employment opportunities."
Sovereign Hospitality HoldingsSovereign Hospitality Holdings has partnered with InterContinental Hotels GroupInterContinental Hotels Group on various projects* and looks forward to continuing their mutually beneficial relationship with this development in Libya," concluded Mr, Fahmy,"
Commenting on the announcement, John Bamsey, Chief Operating Officer, IHGIHG, Middle East and Africa said: "Sovereign Hospitality HoldingsSovereign Hospitality Holdings is a key partner of ours and this development represents our fourth project together, further solidifying our business relationship and commercial objectives. This new project will put IHGIHG in a favourable position to operate successfully in the Libyan tourism and business service sector and confirms our strong development strategy and faith in the promising future of Libya."
"This will be the first Holiday Inn to enter Libya, highlighting the country's growing demand for quality accommodation. IHGIHG is a strong advocate for helping to drive and sustain development within the markets it operates, particularly through supporting the local culture and recruiting and developing local talent through our internal employee development programmes."
* Most recent joint agreements include plans to develop an InterContinental Hotel in Damascus, Syria (signed May 08) and a 250-room InterContinental Hotel due to open by 2010 in Dakar in Senegal, Africa (signed July 08).
For further details please see the website www.sovereignhospitalityholdings.com
For further detail on Sovereign Hospitality HoldingsSovereign Hospitality Holdings' current hospitality interests, please see below (all are fully owned unless indicated).
Egypt | Albania |
Coral Beach Rotana Resort, Montazah, Sharm El Sheikh | Sheraton Tirana Hotel |
Coral Beach Rotana Resort, Tiran, Sharm El Sheikh | Chateau Linza Resort, Tirana |
Coral Beach Rotana Resort, Hurghada | Mali Robit Resort, Golem |
Marina Lodge at Port Ghalib, Marsa Alam | Butrinti Hotel, Saranda |
The Palace at Port Ghalib, Marsa Alam | The Gambia |
Sahara Sands at Port Ghalib, Marsa Alam | Sheraton Gambia Hotel, Resort & Spa Banjul |
Sahara Oasis at Port Ghalib, Marsa Alam | The Kairaba Beach Hotel, Banjul |
Coral Beach Al Arish | Lebanon |
South Africa | Four Points by Sheraton, Bhamdoun |
Sheraton Pretoria Hotel | Four Seasons Hotel, Beirut (1) |
Lombardy Estate, Pretoria | Mauritania |
Hyatt Regency Oubaai George (2) | 5 star Hotel Project, Nouakchott (2) |
Syria | Ethiopia |
Bloudan Grand Hotel | Novotel, Addis Ababa (2) |
Sheraton Aleppo Hotel (1) | Ibis, Addis Ababa (2) |
Four Season Hotel, Damascus (1) | Libya |
InterContinental Hotel, Damascus (2) | Holiday Inn, Tripoli (2) |
Senegal |
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InterContinental, Dakar (2) |
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The M.A. Kharafi Group has created an independent hospitality, tourism and real estate investment company based in Geneva, Switzerland under the name of Sovereign Hospitality HoldingsSovereign Hospitality Holdings. The new company has regional offices in South Africa and Egypt, and has been launched to expand through strategic acquisitions, financing and developing assets in the Hotel, Real Estate and Tourism Industry worldwide.
Sovereign Hospitality HoldingsSovereign Hospitality Holdings has seamlessly integrated assets of US$800 million to date and its existing portfolio consists of 21 hotels and resorts with over 4000 rooms which it owns and operates in Egypt, South Africa, The Gambia, Syria, Lebanon and Albania. Further projects are under development in Libya, Senegal, Ethiopia and Mauritania.
Sovereign Hospitality HoldingsSovereign Hospitality Holdings is looking to expand the geographical reach of its hotel, resort and real estate portfolio globally in both emerging and established markets. This will be achieved through a mixture of organic development and portfolio acquisitions that are financed and thereafter proactively managed. The portfolio is set to increase significantly with the completion of 11 further unique hospitality developments which will encompass some 1,800 additional rooms reaching a total of 5,800 rooms over the next 3 years, totalling 32 hotels in 10 countries.
In addition to owning and managing its hotels, Sovereign Hospitality HoldingsSovereign Hospitality Holdings has management agreements in place with a number of well regarded hotel management companies including Four Seasons Hotels & Resorts, InterContinental Hotels GroupInterContinental Hotels Group, Hyatt International, Rotana Hotels and Resorts, Starwood Hotels and Resorts and Six Senses Spa. The company continually seeks to form this type of long term strategic alliance which extends Sovereign Hospitality HoldingsSovereign Hospitality Holdings' global reach across a range of markets and products.
-Ends-
Mohammed Abdulmohsin Al-Kharafi & Sons Company (M.A. Kharafi Group) is a private Kuwaiti based group with diverse interests and activities worldwide. Established as a trading company more than 100 years ago, it has since developed into a large multi-national company principally covering construction, manufacturing, IT, Aviation, Fast Food franchises, Agriculture, Real Estate and Hotels.
From 1956 with the advent of the construction boom, due to build-up of oil wealth in the region, Kharafi's Construction Division quickly established a dominant presence, expanding in response to the demands of a rapidly growing nation. It today presents its clients with an unrivalled fully integrated offering, and is able to cope with virtually any type of civil engineering or construction project, having worked in some 25 different countries alongside some of the world's foremost contractors and consultants.
A Grade 'A' International Contractor, the M.A. Kharafi Group has undertaken projects in the G.C.C., Africa, the Caribbean, Asia and Eastern Europe and has permanent branches located in the GCC, MENA, Africa and Europe.
In addition to its principal areas of activity the M.A. Kharafi Group also owns Americana, the largest food company in the Middle East, an airline, and investments that include Kuwait's leading financial institutions and other companies listed on the stock exchange.
With an annual turnover of over US$4 Billion the M.A. Kharafi Group now operates in more than 25 countries and has more than 100,000 employees worldwide.
About InterContinental Hotels Group
InterContinental Hotels GroupInterContinental Hotels Group (IHGIHG) [LON:IHGIHG, NYSE:IHGIHG (ADRs)] is the world's largest hotel group by number of rooms. IHGIHG owns, manages, leases or franchises, through various subsidiaries, over 4,000 hotels and more than 590,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo®, and also manages the world's largest hotel loyalty programme, Priority Club® Rewards with over 39 million members worldwide.
IHGIHG has more than 1,700 hotels in its development pipeline, which will create 150,000 jobs worldwide over the next few years.
InterContinental Hotels GroupInterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
IHGIHG offers information and online reservations for all its hotel brands at www.ihg.com and information for the Priority Club Rewards programme at www.priorityclub.com. For the latest news from IHGIHG, visit our online Press Office at www.ihg.com/media
For further information please contact:
Buchanan Communications
For Sovereign Hospitality Holdings
+44 (0)20 7466 5000
Malik Abdullrahman
Asda'a Burson-Marstellar
Riyadh, KSA
T: +966 1 2177250
F: +966 1 4640051
M: +966 503 44 7595
M.Abdullrahman@asdaa.com
© Press Release 2008
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