Raffles Seychelles Resort and Residences Island of Praslin, Seychelles
Kingdom Hotel Investments ("KHI"), the leading international hotel and resort investment company focused on high growth emerging markets and chaired by HRH Prince Alwaleed Bin Talal, is pleased to announce the acquisition of a prime beachfront site for the development of a luxury resort hotel and residences for sale on the island of Praslin, Seychelles.
The total development cost of the resort will be approximately US$137 million and will be KHI's first hotel in the Seychelles, a leading tourist destination and upscale resort market.
Branded as the Raffles Seychelles Resort and Residences, the proposed development is scheduled to open in 2011 with a 90-villa luxury resort hotel and 17 private residential villas for sale. Located on the northeast tip of Praslin Island, the second largest island in the Seychelles and close to the city's airport, the site measures 300,000 m², with 500 meters of direct beachfront land. The development is also close to one of the Seychelles natural treasures and a UNESCO World Heritage Site, The Vallée de Mai.
KHI will own 91.2% in the proposed development and is expected to sell the villas during the first three years of operation of the hotel.
The travel and tourism industry in the Seychelles is a core and strategic contributor to the Seychelles's economy and the Seychelles have established their destination as one of the world's most upscale destinations.
HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of KHI, said:
"The Seychelles is a unique upscale resort market and with growing demand for exclusive accommodation in the region, this development will offer much to KHI's growing portfolio of resorts. The development comprises a significant ancillary real estate in a proven and established upscale leisure home destination."
Sarmad Zok, Chief Executive Officer of KHI, said:
"We see incredible potential and opportunity for this luxury Raffles Seychelles Resort and Residences. In a hotel market where barriers to entry are high and there is a scarcity of prime real estate, we believe this offer of a spectacular resort and high-end real estate will command exceptional performance for KHI. The project fits perfectly well with our strategy of developing branded residential components alongside our hotels in high growth markets"
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About Kingdom Hotel Investments ("KHI")
KHI, headquartered in Dubai (UAE), is a leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, Africa and Europe.
The company has ownership interests in 38 properties in 22 countries including 23 operational hotels and resorts and 15 hotels and resorts currently under construction or in the initial stages of development. KHI is listed on the Dubai and London stock exchanges.
For more information, please contact:
Brunswick
Kate Holgate / Laura Cummings
Tel: + 44 (207) 404 5959
© Press Release 2007
