International Portfolio Expands with US$ 35 Million Purchase in the Algarve
IFA Hotels & Resorts (IFA HR), leaders in mixed use hotel and tourism resort projects across the globe, have acquired two residential buildings in Pine Cliffs Residence, the prime tourist resort of the Algarve, Portugal for US$ 35 million. The resort sits on 2 kms of beach front and on an area of 700,000 squared meters.
Mr. Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR, said "We are pleased with the new acquisition and believe strongly in the Portuguese market. Pine Cliffs Residence is a new and unique concept for the European market and was developed by United Investments Portugal which is part of the IFA Consortium."
This is the first investment for IFA HR in residential projects in Portugal. IFA HR will be responsible for all re-sales through their international network of offices. This is part of the company's strategy of investing in various residential and mixed use developments to further expand product range and global presence. In Dubai, IFA HR purchased The Palm Residence, two shoreline residential buildings on The Palm Jumeirah, where they sold the residential units to clients.
Located in one of the most exclusive areas in Europe, Pine Cliffs Residence will be managed by the Sheraton Algarve and will consist of 2 and 3 bed roomed units, furnished to the highest quality. The resort is surrounded by a pine forest, overlooks the ocean and is home to a superb golf course. Pine Cliffs Residence was launched as an innovative freehold property investment that combines a trouble free holiday home, with a minimum 5% guaranteed return on investment per year for the next three years, with strong capital growth potential.
Pine Cliffs Resort is one of the most awarded resorts in Europe. It has been voted 'Best Resort in Europe' by the World Travel Awards for 2001and 2002, while in 2004, 2005 and 2006 was awarded 'Best Resort in Portugal' by the same association. The resort was also voted as the 'Best location in the world to invest in a property in the sun', by Uk's channel 4 TV programme, A Place in the Sun. In addition Pine Cliffs is the only resort in the Algarve to receive a 'Prize of Excellency' by the Sovereign/First Choice. The International Association of Golf Tour Operators voted the Algarve as 'Best Golfing Destination in the World'.
The facilities will also include access to Casa Pine Cliffs which will include a reception, a restaurant, terrace-restaurant, gymnasium, health club, mini-market and swimming pools. The owners will also benefit from other facilities provided within the Sheraton Algarve & Pine Cliffs Resort such as a golf course, golf academy, clubhouse, tennis academy, eleven restaurants, five swimming pools (indoor and outdoor), beauty parlour, health club, a children's play area, several shops, business centre and a unique beach distinguished with the golden flag, which can be accessed through a panoramic elevator or by stairs.
Al-Bahar concluded: "This investment is particularly special to the consortium as UIP started this investment in Portugal in the 80s. We applied the business model of mixed use residential resorts in other investments in Dubai and South Africa; we are delighted and proud to be actively investing into this premium European destination. We are actively seeking new projects to expand our international portfolio and management capabilities."
IFA HR's Worldwide Projects:
DUBAI
IFA HR is the largest investor on The Palm Island, Jumeirah.
Fairmont Palm Hotel & Resort - A 400 room 5 star hotel on the trunk of The Palm, Jumeirah,
Fairmont Palm Residence - 558 luxury Apartments
(www.fairmontpalmresidence.com),
The Palm Residence - Al Nabat and Al Haseer - two shoreline residential buildings with 246 apartments on the trunk.
The Palm Golden Mile development - A Joint Venture with Nakheel, developers of The Palm. A project featuring over 860 luxury apartments, 19,500 sq. meters of office space and 22,000 sq. meters of retail space comprising of boutique shops and restaurants, stretching along a 1.5 kilometre of canal side corniche. (www.thepalmgoldenmile.com)
A Mixed-Use Resort - A 1,000 room destination on the Crescent of The Palm (adjacent to Atlantis) comprising a Hotel, Vacation Club, Residences and Private Residence Club, to be managed by Fairmont Hotels & Resorts,
Laguna Tower - A 40 storey mixed-use tower located in the Jumeirah Lake Towers, next to the Dubai marina, comprising residential apartments and a Hotel - Residence managed by M?venpick Hotels & Resorts, the M?venpick Hotel & Residence Laguna Tower Dubai, in addition to retail and restaurants along the waterfront.
(www.lagunatower.com)
LEBANON
Alabadiyah Hills - A luxurious mountainside retreat in Bhamdoun, overlooking Beirut. This 7.5 hectare project will comprise of high end residential villas, town houses, apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels.
(www.abadiyahhills.com)
Four Seasons Hotel -IFA HR has a major share in the upcoming development.
PORTUGAL
IFA HR is the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (www.pinecliffs.com), part of Starwood's Luxury Collection.
SOUTH AFRICA
IFA HR listed on the JSE in 2006.
Zimbali Coastal Lakes & Resort - IFA HR owns a 50% share in the luxurious resort, a 680 hectare prime residential and resort estate located on the North Coast of KwaZulu-Natal. (www.zimbali.co.za)
Zimbali Lodge - IFA HR owns the exclusive Zimbali Lodge, managed by Sun International Limited. (www.zimbalilodge.co.za)
Fairmont Zimbali - A new 150 key resort, with 115 Apartments, 17 luxury villas and 10 Fractional ownership units to be managed by Fairmont Hotels & Resorts. (www.fairmontzimbali.com)
Boschendal Limited - A mixed_use resort development at this historic Cape Estate
KENYA:
Lonrho Hotels - IFA HR has a majority stake in 5 Lonrho Hotels in Kenya (www.lonrhohotels.com)
ZANZIBAR:
M?venpick Resort & Spa - Zanzibar- Located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, the new resort will be re-opened in the last quarter of 2006 and will be managed by M?venpick Hotels & Resorts. (www.zanzibarbeachresort.com)
UNITED KINGDOM:
YOTEL - IFA HR is the majority investor in the two YOTEL hotels in Heathrow and Gatwick. (www.yotel.com)
Investment And Hospitality Products:
IFA HR programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of its product range:
IFA - Hotels & Resorts
IFA Properties
IFA - Lifestyle Membership Clubs
IFA - Vacation Ownership
IFA - Fractional Ownership
IFA - Hotel Ownership
IFA Yacht Ownership
IFA - Residences
IFA - Travel & Tourism
This unique product range enables IFA HR to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
-Ends-
IFA Hotels & Resorts - www.ifahotelsresorts.com
IFA Hotels & Resorts (IFA HR) are leaders in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa
Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 1 billion, IFA HR's main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA HR listed on the Johannesburg Stock Exchange Feb.27th 2006.
Globally, IFA HR has entered into strategic alliances and Joint- Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, a strategic alliance with RCI (part of the Cendant's Group) and Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd, ( South Africa).
IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
For further information please contact:
Orient Planet PR & Marketing Communications
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© Press Release 2006
