The $268m deal with Starman Hotels encompasses the San Lorenzo Golf Course, widely considered to be the best golf course in Portugal and one of the top five courses in Europe; the Dona Filipa Hotel, a luxury five star hotel closely associated with the San Lorenzo Golf Course; and the Penina Hotel and Golf Resort, a five star hotel and resort that has played host to the Portuguese Open on numerous occasions.
During the signing ceremony, Sheikh Mohamed Bin Issa Al Jaber, founder and Chairman of JJW Hotels & Resorts stated: "With this new venture, we look forward to raising the value of our assets in the Algarve to over 500 million Euros. After 20 years of continuous excellence in Portugal, JJW Hotels and Resorts has consolidated its position as a major player in the Portuguese luxury hospitality industry."
Felicity Black-Roberts, Director of Property at Starman Hotels stated: "From the beginning, we realized that this was the perfect opportunity for JJW to further develop these two hotels and the World Famous San Lorenzo Golf Course. With a proven track record in Portugal and Europe, JJW Hotels and Resorts have chosen four luxury properties to broaden its already stunning offering of signature hotels and resorts across the continent."
Since it was founded in the late 1980's, JJW Hotels & Resorts has built a strong portfolio of luxury hotels in prime locations such as London, Paris, Vienna, the Middle East and the Algarve in Portugal, where the highly exclusive Pinheiros Altos Golf Resort is moving ahead into the next and most prized phase of its development program with the construction of the Royal Algarve, a luxury 5 star hotel and spa, on the prime site within the resort, which will open in 2009.
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JJW Hotels and Resorts announces $268m acquisition in Algarve, Portugal
- United Arab Emirates: Tuesday, January 22 - 2008 at 11:02
- PRESS RELEASE
JJW Hotels and Resorts, a subsidiary of MBI International, owned by Sheikh Mohamed Bin Issa Al Jaber, announced its acquisition of four prestigious luxury properties in the Algarve, Portugal.
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MBI International and Partners is the global group that combines the companies owned by self-made Arab entrepreneur Sheikh Mohamed Bin Issa Al Jaber. The group enjoys annual revenues of some $1.9bn and an asset base worth $6.6bn. It employs 11,000 people and operates Saudi Arabia, Egypt, Iraq, and across Europe and the United States.MBI International and Partners comprises four key entities:
- JJW Hotels and Resorts, which operates in the hospitality industry and that owns and manages more than 55 hotels and resorts in Europe, the Middle East and North Africa, with a significant operational presence in France, UK, Portugal, Austria and Egypt. www.jjwhotels.com
- AJWA Group for Food Industries, one of the largest agribusinesses in the Middle East. www.ajwa.com
- Jadawel International, a major real estate development company that owns and operates exclusive luxury residential compounds in the Middle East region. www.jadawel.com
- Continent Oil for Petroleum Investments. www.continentoil.com
Furthermore, MBI International is also active in investing in banks and financial companies.
Sheikh Mohammed Bin Issa Al Jaber and through the MBI Foundation is directly involved in many charitable and educational activities and actively promotes the humanitarian, business and cultural interests of the Arab World. His desire to provide practical assistance to the community has led him to offer scholarship programs to deserving students from the Middle East to enroll in the top universities in the Middle East, Europe and the States such as Cambridge, Oxford, UCL, Westminster, LSE, City University, AUB and AUC. Sheikh Mohammed Bin Issa Al Jaber is also the founder of the Middle Eastern Studies School at University of London, while he also grants scholarships for Tourism and Hotel Management studies at MODUL University in Vienna in which MBI Foundation was a major contributor in its formation. He is also the special envoy to the General Manager of UNESCO for Education, Tolerance, Peace and Democracy.
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www.mbiinternational.com
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Jo Chemali
Communication Director Levant
Manning Selvage & Lee
A Division of Leo Burnett
Posted by Lara Lynn Golden, News EditorTuesday, January 22 - 2008 at 11:02 UAE local time (GMT+4)
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