14 July 2009
Nakheel Hotels has opened the W Washington DC hotel and the Turnberry, a Luxury Collection resort located in the west of Scotland.
This has strengthened the company's relationship with Starwood Hotels & Resorts Worldwide, a leading hotel and leisure firm, operating The Luxury Collection and W Hotel brands, Nakheel Hotels said yesterday.
"Our relationships with operators such as Starwood enable us to leverage the values of their brands to further enhance the value of our investments," said Joe Sita, Chief Executive Officer of Nakheel Hotels, in a statement.
The historic Turnberry golf resort reopened on Thursday and joined the Luxury Collection brand, said Nakheel Hotels.
The Dubai-based hotels investment company had recently said that in order to combat the global slowdown it plans to focus on three core areas this year - cost control, profitability and debt restructuring, according to its top executive.
The W Washington DC, which opened on Wednesday, is the first W Hotel to open in the US capital city, and would house 317 suites and guestrooms.
Turnberry would be hosting the Open Championship for the fourth time on its Ailsa golf course from Thursday until July 19.
Located in Ayrshire, Scotland, Turnberry first opened in 1906 establishing itself as the premier destination for social and sporting events, said the company.
The W Washington DC, built in 1888 and formerly known as the Hotel Washington, underwent a $100 million (Dh367m) renovation over a period of 18 months. Nakheel Hotels said the hotel will now become a hot spot for fashion, music, entertainment, design and pop culture through W's signature programming.
"We look for assets with high real estate value in irreplaceable locations, and our two newest hotels certainly fit this criteria. We also look at opportunities to add value through redevelopment and rebranding," said Sita.
The two hotels add to the growing number of Starwood-operated hotels in the Nakheel Hotels portfolio. It also owns W New York-Union Square in New York City and is currently developing W Bangkok and W Retreat & Spa-Koh Samui and The Residences at W Koh Samui in Thailand.
The company's global hotel property portfolio is currently valued at more than $4 billion. Its portfolio also includes the One & Only Resort in Los Cabos, Mexico, and the Fontainebleau, Miami Beach, besides a significant equity stakes in Kerzner International Holdings, operator of the Atlantis and One & Only brands.
The company's chief executive had said in May this year that while the firm is not in the market at the moment for distressed assets, it is on a look out for opportunistic distressed investments.
Nakheel Hotels said it has also investments include the development of W Bangkok and W Retreat and Residences Koh Samui, Thailand, financing in a fund that will be rolling out 30 Tune Hotels in South East Asia, a 33 per cent stake in the London Metropole Building which will be converted to a Corinthia Hotel in partnership with IGI, and QE2 Enterprises.
Nakheel Hotels has opened the W Washington DC hotel and the Turnberry, a Luxury Collection resort located in the west of Scotland.
This has strengthened the company's relationship with Starwood Hotels & Resorts Worldwide, a leading hotel and leisure firm, operating The Luxury Collection and W Hotel brands, Nakheel Hotels said yesterday.
"Our relationships with operators such as Starwood enable us to leverage the values of their brands to further enhance the value of our investments," said Joe Sita, Chief Executive Officer of Nakheel Hotels, in a statement.
The historic Turnberry golf resort reopened on Thursday and joined the Luxury Collection brand, said Nakheel Hotels.
The Dubai-based hotels investment company had recently said that in order to combat the global slowdown it plans to focus on three core areas this year - cost control, profitability and debt restructuring, according to its top executive.
The W Washington DC, which opened on Wednesday, is the first W Hotel to open in the US capital city, and would house 317 suites and guestrooms.
Turnberry would be hosting the Open Championship for the fourth time on its Ailsa golf course from Thursday until July 19.
Located in Ayrshire, Scotland, Turnberry first opened in 1906 establishing itself as the premier destination for social and sporting events, said the company.
The W Washington DC, built in 1888 and formerly known as the Hotel Washington, underwent a $100 million (Dh367m) renovation over a period of 18 months. Nakheel Hotels said the hotel will now become a hot spot for fashion, music, entertainment, design and pop culture through W's signature programming.
"We look for assets with high real estate value in irreplaceable locations, and our two newest hotels certainly fit this criteria. We also look at opportunities to add value through redevelopment and rebranding," said Sita.
The two hotels add to the growing number of Starwood-operated hotels in the Nakheel Hotels portfolio. It also owns W New York-Union Square in New York City and is currently developing W Bangkok and W Retreat & Spa-Koh Samui and The Residences at W Koh Samui in Thailand.
The company's global hotel property portfolio is currently valued at more than $4 billion. Its portfolio also includes the One & Only Resort in Los Cabos, Mexico, and the Fontainebleau, Miami Beach, besides a significant equity stakes in Kerzner International Holdings, operator of the Atlantis and One & Only brands.
The company's chief executive had said in May this year that while the firm is not in the market at the moment for distressed assets, it is on a look out for opportunistic distressed investments.
Nakheel Hotels said it has also investments include the development of W Bangkok and W Retreat and Residences Koh Samui, Thailand, financing in a fund that will be rolling out 30 Tune Hotels in South East Asia, a 33 per cent stake in the London Metropole Building which will be converted to a Corinthia Hotel in partnership with IGI, and QE2 Enterprises.
© Emirates Business 24/7 2009
