Four hotels added to global portfolio and valued at US$ 75 million

March 26th, 2007

IFA Hotels & Resorts (IFA HR) today announced its entry into the Namibian hospitality market through a joint venture agreement with the Ohlthaver & List (O&L) group of companies, the leading private sector group in Namibia. The joint venture is valued at approximately US$ 75 million. Through the venture, IFA HR has also introduced five star luxury hospitality partner Kempinski Hotels (Kempinski) to Namibia in an agreement that will see the international hotel brand operate all four of the joint venture hotel properties.

Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR stated, "In addition to being very pleased with the announcement regarding our new partner Ohlthaver & List, we're also extremely excited about the potential such a strategic partnership represents. Ohlthaver & List is at the forefront of the Namibian private sector and as such provides not only a platform for our initial entry into Namibia, but also represents future opportunities for our company to expand further into this growing market."

Established in 1923, O&L is Namibia's largest privately held group of companies outside of the mining sector with vested businesses that actively promote and support business growth in Namibia. The O&L group of companies has interests in food production, fishing, beverages, farming, retail trade, information technology, property development, leisure and hospitality, marine engineering and the service sector.

Sven Thieme, Executive Chairman of O&L said, "The announcement of our new partnership with mixed-use developer IFA Hotels & Resorts fully supports our company mission to build innovative and sustainable businesses in Namibia. We are also delighted to welcome international five star hotel operator Kempinski Hotels. The entry of these two high-profile companies to Namibia will not only help increase our profile on the global travel and tourism stage, but also contribute to business growth that significantly supports our socio-economic wealth and living conditions. I am very excited and proud to see these prestigious companies enter Namibia."

Werner Burger, President and COO of IFA HR stated, "We are committed to increasing the global profile of projects being driven by IFA Hotels & Resorts South Africa and Namibia is no exception. Drawing on our expertise and resources, we will tap into our global clientele to generate awareness and grow investor appeal for our Namibian interests. It is also through the strength of our existing partnerships that we were able to bring renowned luxury hotel operator Kempinski into the folds of our Namibian operations. We first began working with Kempinski Hotels on our project in Lebanon during 2005, and we are looking forward to yet another successful partnership with them here in Africa."  

Kempinski Hotels is Europe's oldest luxury hotel collection and in 2007, Kempinski is celebrating 110 years of history, exclusivity and distinctive luxury.  While the Group was founded in Germany, its portfolio is now spread throughout Europe, Middle East, Africa, South America and Asia with properties in locations such as Abu Dhabi, Beijing, Berlin, Budapest, Djibouti, Istanbul, London, Moscow, St Moritz and Zanzibar.

Ulrich Eckhardt, Senior Vice President Middle East & Africa of Kempinski, said: "We are delighted that our relationship with IFA Hotels & Resorts has led to this opportunity to expand our presence into Namibia. Namibia has traditionally attracted a strong contingent of German visitors, as well as tourists from other key European markets, where Kempinski is already well established. It is for this reason, and with an eye on increasing international visitation through our own international portfolio, that Kempinski is ideally suited to join IFA Hotels & Resorts Limited and the Ohlthaver & List group of companies in operating their joint Namibian properties."

The hotels that will be re-developed as a result of the joint venture are currently branded and operated within the Namib Sun Portfolio. The initial properties falling under the joint venture include The Strand Hotel, King's Den Lodge, Mokuti Lodge and a fourth hotel to be developed in Windhoek. IFA HR SA will also assess the potential for residential and retail opportunities surrounding these properties, with a view to integrating them to the adjoining hotel properties.

The Strand Hotel in Swakopmund is a medium-sized hotel with beach and garden views located on the shores of the Atlantic Ocean. The King's Den Lodge is on the banks of the Chobe River in the North Eastern Caprivi strip, with access from Botswana and Victoria Falls in Zimbabwe. The King's Den Lodge is uniquely appointed with panoramic views of the Chobe River and each chalet is custom built. The Mokuti Lodge, situated on the gateway of the world renowned Etosha Park, is famous for its spectacular game viewing, superb conference facilitates and luxurious private chalets with all amenities.

Al-Bahar concluded: "Our aim is to provide an outstanding international network of resorts and real estate investment opportunities to our global customers. We see our investment into Namibia as a first step of expanding our presence through IFA Hotels & Resorts South Africa to the rest of Africa and South Africa, while continuing growing in Europe, the Indian Ocean region and the Middle East.

-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.

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.

For further information please contact:
Orient Planet PR & Marketing Communications
Tel : +971 4 3988901
Fax : +971 4 3988941
Email : info@orientplanet.com
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© Press Release 2007