Deal to include the first Renaissance Hotel and the first Courtyard by Marriott Hotels in Abu Dhabi
Abu Dhabi - ALDAR Properties, the renowned Abu Dhabi-based property developer today announced that it has signed management agreements with Marriott International to launch the first Renaissance Hotel & Suites and the first Courtyard by Marriott hotels in the Emirate of Abu Dhabi, at its Central Market luxury retail re-development.
"ALDAR is looking forward to a long and successful relationship with Marriott International. This deal builds upon ALDAR's strategy of partnering with strong, reputable international companies which share its vision in creating world-class destinations for the emirate of Abu Dhabi. Bringing these brands to the Central Market re-development will add to the unique luxury style shopping and lifestyle proposition as well as create a relaxing business style setting for companies who chose this location for their businesses. This arrangement is in-line with our commitment to quality, community orientation, and global brand appeal," commented Ahmed Ali Al Sayegh, Chairman of ALDAR Properties.
The Renaissance Hotel & Suites, which will include over 400 luxury rooms and suites, is positioned to offer stunning views of the Corniche and downtown Abu Dhabi. The Courtyard by Marriott International will feature approximately 200 business-class rooms offering exceptional quality, comfort and value in the convenient location of the Central Market re-development in the heart of Abu Dhabi.
"These superb new hotels at Central Market in Abu Dhabi will play a very significant role in Marriott's regional expansion plans in the Middle East," commented J.W. Marriott Jr, Chairman and CEO of Marriott International. "We are delighted to be expanding on our strong relationship with ALDAR and with these agreements we are able to introduce two of our key brands to one of our strategic development targets and provide new, exciting luxury hotel experiences for our loyal guests."
"We are delighted to be working with Marriott International to deliver its acclaimed brands and levels of service to Abu Dhabi," commented Paul Bell, Managing Director ALDAR Hotels and Hospitality. "Signing these management agreements is a testament to our existing relationship with Marriott and emphasizes ALDAR Hotels and Hospitality's commitment to developing partnerships with world-class operators and brand owners as well as offering new levels of service and accommodation to Abu Dhabi visitors and residents."
Designed by world famous architects Foster & Partners, the hotels will form an integral part of the stunning Central Market re-development with its array of retail options, spectacular residential and office accommodation and unrivalled hospitality and entertainment opportunities bringing together luxury retail and traditional souk style shopping in the heart of the capital city.
- Ends-
About ALDAR Hotels and Hospitality
ALDAR Hotels and Hospitality is playing a major role in the development of the hotel and hospitality sector in Abu Dhabi. It identifies hospitality related opportunities on ALDAR developments and determines best fit brand, partners and business models and manages the 'end users' of the projects created.
About ALDAR Properties
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders
ALDAR Properties PJSC is spearheading the development of Abu Dhabi; entrusted to create multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. ALDAR's vision is to establish Abu Dhabi as the United Arab Emirate's most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.
Since its inception in 2004 through a share offer (IPO) of AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market, ALDAR has already announced more than USD 65 billion worth of developments. The ALDAR issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion) in demand. ALDAR's market capitalization is AED 25.8 billion (USD 7.0 billion) as of April 16th 2008.Total retail area across all developments is currently over 1.5 million square meters..
The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. The current property portfolio includes major developments and re-developments within 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, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.
ALDAR's first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.
For more information, please contact:
Name: Shali Akkaraju
Buchanan Middle East
Tel: +971 (0) 4 369 8559
Mobile: +971 (0) 50 250 5410
Email: vyshali.akkaraju@buchananme.com
Mary Khamasmieh
Media Manager
Buchanan Middle East
Mob: 971 50 2731753
Email: mary.khamasmieh@buchananme.com
© Press Release 2008
