Strategic agreements inked for development of branded hotels in Abu Dhabi
Abu Dhabi - ALDAR Properties and InterContinental Hotels Group (IHG) today signed a Development Agreement detailing a strategic partnership between the two companies which will result in the development of a number of new IHG branded hotels in Abu Dhabi. In addition to the Development Agreement, three individual Management Contracts were signed between the parties at a ceremony held in Abu Dhabi.
Initially, a Crowne Plaza with 430 rooms and apartments and Abu Dhabi's first Staybridge Suites hotel will be developed which will have 165 suites providing superb extended stay facilities. Both hotels will be located in the heart of ALDAR's YAS Island development with close proximity to the racetrack, links golf course and the island's world-class theme parks including the Ferrari Theme Park, and the Warner Brothers Theme Park. The hotels will commence development shortly and are scheduled to open in 2009.
A contract was also signed relating to the development of a spectacular new InterContinental hotel at the Al Dana precinct at ALDAR's Al Raha Beach development. The hotel will provide world-class accommodation and facilities in an unrivalled waterfront location and will include over 300 rooms and suites along with a stunning conference facility and is scheduled to open in 2011.
"ALDAR are looking forward to a long and successful relationship with IHG who have a portfolio of excellent brands including InterContinental, Crowne Plaza, Holiday Inn and Staybridge Suites and in addition are the largest and best known international operator in the region. IHG's scale and brands fit very well with ALDAR Hotels & Hospitality's strategic aim of partnering leading brands and operators in our exceptional locations and we look forward to extending the relationship in the near future," commented Paul Bell, MD of ALDAR Hotels & Hospitality.
"ALDAR Properties are a very substantial developer and investor with impressive plans for hospitality development in Abu Dhabi which we at IHG are delighted to be a part of. Their developments are in prime locations with an exciting range of facilities and this strategic partnership will allow IHG to build on our existing presence in Abu Dhabi as well as adding new IHG branded hotels to our portfolio. We are looking forward to working with the ALDAR Hotels & Hospitality team on the projects announced today and others going forward," stated Andrew Cosslett, CEO, IHG.
ALDAR Hotels and Hospitality is poised to play a major role in the development of Abu Dhabi's hotel and hospitality sector. It identifies hotel and hospitality opportunities both within ALDAR developments and elsewhere and determines best fit brands, partners and business models.
- Ends -
About ALDAR Properties
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was created to spearhead the development of Abu Dhabi's strategic sites to fast track real estate investment opportunities within Abu Dhabi and the Emirates.
ALDAR's initial public offering (IPO) in 2004 offered shares worth AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market. The IPO, which at the time was the UAE's largest ever IPO, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion).
ALDAR is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. It has already announced more than USD 60 billion worth of developments and as of 30 May 2007, the company's market capitalization is USD 3.5 billion. The total retail area of all developments is currently over 1.5 million square metres.
The current property portfolio includes major developments and re-developments within the Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.
ALDAR's first international project was announced in August 2007 through a joint venture with South Johor Investment Corp, a deal that represents the largest foreign real estate development in Malaysia. It was followed in October 2007 with plans to build a mixed-use development in Kazakhstan.
For more information, please contact:
Rosanne Blake
Buchanan Middle East
Mob: +971 50 2262 771
Email: rosanne.blake@buchananme.com
© Press Release 2008
