Rosewood Hotel announced for the Buildings by Daman in DIFC

Known as the Rosewood Dubai, the project will be developed by a U.S. developer of ultra luxury hotels, New York City based JMJ Hospitality; one of the first direct U.S. developments of its kind in the U.A.E.

Speaking on behalf of Daman Investments, Mr. Shehab Gargash stated:
"We are very proud to announce our relationship with Rosewood and JMJ in the development of the first Rosewood property in the U.A.E. The Rosewood brand is an international symbol of quality and luxury in the hospitality industry and is an ideal hotel to anchor the development values that we have set for ourselves from our project's initial concept stage. JMJ are an equally prestigious name to have and hold the unique position of being the first U.S. hotel developer to enter the market. They have a great familiarity with international development and deep knowledge of the Rosewood product. JMJ bring a wealth of ultra luxury experience and industry knowledge with them as they enter the UAE market. We see this as not only an important step for our project but a strong signal for heightened investment interest in the future for DIFC and Dubai."

The new Rosewood Dubai International Financial Centre will be a luxury hotel with 193 keys, including 157 deluxe rooms, 36 suites and a Royal Suite. The hotel will offer fine dining in two outlets, a gala ballroom, state of the art business center and the luxurious Rosewood Spa with rooftop pool and fitness center. Expected to open in the 2ND half of 2009, the development will also include one of Dubai's most luxurious new property offerings - 55 Rosewood branded and managed residential properties, which will be released for sale late this year.

When asked about the Rosewood regional plan and why the choice of Daman's property as the site of the new hotel, Mr. John M. Scott III President and CEO of Rosewood Hotels and Resorts said: "We are delighted to be announcing our first Rosewood Dubai Hotel and Residences, and are excited to be working on this stunning project with Daman and JMJ Hospitality. We look forward to developing a long and prosperous relationship with both groups in this region. Based on our positive experience in Riyadh with our award winning Al Faisaliah Hotel and with our new Rosewood Corniche hotel in Jeddah opening this summer, Dubai is a natural next step to establish a Rosewood Hotel as we grow our brand throughout the Middle East region. The location of Rosewood Dubai itself within Dubai International Financial Centre aligns well with our strategy of placing Rosewood Hotels & Resorts in key business and leisure destinations," said Scott.

Commenting on why the choice of this project for a major direct investment commitment in an area not yet very familiar to U.S. developers, President and Managing Director of JMJ Hospitality, Mr. Christopher R.J. Knable of JMJ said: "We made numerous trips to the region and visited many sites before taking this step. Having done that, we believe in the future of Dubai, which is one of the world's premiere destinations, particularly for our focus on ultra-luxury. We have worked with Rosewood on other international projects and when the opportunity came to invest in a project as well planned and prestigious as The Buildings by Daman we had no hesitation in making this our first choice. This endeavor between Daman, Rosewood and JMJ is an excellent match in terms of a clear commitment to excellence that governs all three groups. We look forward to this exciting landmark development and the opening of the first Rosewood in the U.A.E. and are actively seeking to doing more in the region now that we have taken this first important step."