Emirates Hotels and Resorts, the hospitality management division of Emirates Group, yesterday announced its largest international investment of $253 million (Dh929.23m) in a project in Mahe, Seychelles.
"This is our biggest hospitality investment overseas so far. With this, the total investment portfolio of Emirates Hotels and Resorts will touch the $1 billion [Dh3.67bn] mark between now and 2010," said Emirates Hotels' President Tim Clark.
Called Emirates Cap Ternay Resort and Spa, the 22-acre development in Seychelles is slated to open in 2010, with construction commencing in 2008. The conservation area will cover 60 acres, said Clark.
Emirates Hotels expects to get an internal rate of return of 17 per cent on the investment it has made, said Clark.
"We will get back our money in eight to nine years," he added.
The Emirates Cap Ternay will roll two resorts into one, and comprise 186 rooms for families and budget-conscious travellers and 230 deluxe rooms. Besides, there is a private resort area planned within the development comprising 15 water bungalows, 40 two-bedroom villas and one presidential suite.
Emirates Hotels, which was launched in 2006, has so far made investments in six hotels and resort projects across three countries.
One of its key projects is the Al Maha Desert Resort in Dubai, which, according to Vice-President Tony Williams, had a gross operating profit of $18 million (Dh66.11m) for 2006.
Other projects in Dubai include Emirates Marina, slated to open in September; Emirates Green Lakes due to open in January; and Emirates Park Towers, to open in 2010.
The company has also received the go-ahead to construct its project in Australia, the Emirates Wolgan Valley and Spa.
For future projects, Emirates Hotels will look at India, Sri Lanka and Africa. "We need to first identify some locations in these countries. And I am certain over the next 10 years we will be able to go ahead in these countries with our signatures," Clark said.
By Shweta Jain
© Emirates Today 2007
