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Joe Sita, CEO of Nakheel Hotels said:
"AHIC is one of the premier events in our industry and reflects the prominence of the Middle East, and specifically Dubai, in the international hotel investment landscape. We are proud to be one of AHIC's top sponsors. 2008 has been an incredible year so far for Nakheel Hotels. We've expanded our portfolio to include some of the best properties and brands in the world and our first hotel in Dubai, Atlantis on the Palm Jumeirah, will be opening this November. As Dubai leads the way in growth in the travel and tourism sectors, Nakheel Hotels is proud to be at the forefront of this growth."
Nakheel Hotels was launched in November 2007 as the new name for Istithmar Hotels after Dubai World consolidated its hotel business under one banner to create a fully integrated hotel investment company. In less than 2 years Nakheel Hotels has accumulated an impressive global hotel property portfolio with an enterprise value of investments to date in excess of $3 billion. The success of Nakheel Hotels so far reflects its well-planned business development strategy which targets investments at both ends of the market in the luxury and budget segments, with a global portfolio that spans both mature and emerging markets.
A key part of Nakheel Hotels' growth strategy has been the partnership with top 'best of breed' brands, including significant investments in Kerzner International Ltd.-the developer and operator of Atlantis Resorts and of One and Only-the luxury resort brand and IHI plc, the owner and operator of the five-star Corinthia Hotel brand including hotels in Malta, St Petersburg, Lisbon, Tripoli, Budapest and Prague. In New York, Nakheel Hotels has [Joe Sita] majority ownership of the Mandarin Oriental Hotel and the W Hotel Union Square - in addition to Hotel Washington in Washington DC. In February Nakheel acquired a 50 per cent stake in the Mexican resort, One&Only Palmilla in Los Cabos and a 33 per cent stake in the Metropole Hotel in central London, and last month Nakheel announced its investments of $375m with Fontainebleau Resorts, LLC, in exchange for a 50% interest in the company's iconic Fontainebleau Miami Beach resort.
Joe Sita will be addressing the topic of partnerships in a panel discussion at AHIC titled "Investment - Going it alone or working with partners?" In addition to its partnerships with organizations such as Kerzner International Ltd. and Mandarin Oriental Hotels Group, Nakheel Hotels holds a 9.4% stake in Singapore listed CDL Hospitality Trusts which owns six hotels in Singapore and New Zealand operated under the Copthorne and Millennium brands. Nakheel Hotels is also working in partnerships to develop a W hotel in Bangkok and a W Retreat and Residences in Koh Samui, Thailand.
QE2 Enterprises also falls under Nakheel Hotels, which acquired the world famous ocean liner, the QE2, in June 2007. The ship will be refurbished into an [Joe Sita] super-luxury hotel, retail, and entertainment destination in its permanent docking place in Dubai. During AHIC 2008, Manfred Ursprunger, CEO of QE2 Enterprises will be presenting on a panel about Super Luxury Brands, addressing the challenge of delivering a truly unique luxury experience in a market that soon may be overflowing with 7-star offerings.
Another aspect of the Nakheel Hotels' strategy is reflected in its ownership of the master franchise of the innovative easyHotels brand which operates in the budget hotel sector. Nakheel Hotels also has a joint venture in a fund to develop budget hotels, called Tune, for which Nakheel plans to roll out 30 branded budget-hotels in the next three to five years including sites in Indonesia, Malaysia, Thailand, and possibly the Philippines.
Posted by Anne-Birte Stensgaard, Senior News Editor
