Layia hotel development to top Dhs3bn

Speaking at an exclusive media roundtable, attended by business and travel trade journalists, Al Sari explained the reasoning behind GGICO's entry into the hospitality sector through its partnership with Layia Hospitality.

"GGICO, being a leading company in the UAE, has been diversifying its business interests. With the sound opportunities that currently exist in the hotel market and our strong presence in the real estate market, it was logical for us to enter the hospitality sector. We believe that Layia Hospitality is the right partner for us in this venture," Al Sari said.

Al Sari was quick to point out that the potential for Layia in terms of future properties and management contracts was immense.

"If you are referring to the investments that Layia Hospitality will be managing on behalf on various owners, I believe that the figure will be in excess of Dhs3bn," he said.

Al Sari pledged that GGICO is keen to expand its activities in the hotels sector through Layia - both through ownership and management contracts.

"While we are partners in Layia Hospitality, GGICO is also a client. Layia Hospitality will manage GGICO properties and other properties too. The team at Layia is carefully considering its expansion plan. I am confident they will grow slowly but surely and soon you will see a Layia managed property in all the main cities within the MENA region,"

he predicted.

Launched in early 2008, Layia Hospitality is creating a world-class collection of four- and five-star hotels, luxury serviced villas and fully furnished apartments, with its first hotel property set to open in Dubai this summer.

Founded by Daniel Hajjar, a veteran hotelier with over 25 years of experience gained in senior executive positions, and GGICO (a public trading company), Layia Hospitality is committed to delivering superior standards on all levels.

Three distinct brands will make up the Layia Hospitality portfolio: Layia Hotels, Living Courts and a three-star hotel brand that is soon to be announced. Layia Hotels contains three elements: Layia Hotels, Layia Hotel Apartments and Layia Serviced Villas.

Layia Hospitality currently has eight properties signed and these will be open in the next 18 months. The company is also in advanced negotiations for six more properties.