Shaza Hotels gains strong backing from Barwa

The capital increase to more than 2 ½ times Barwa's original commitment is aimed at giving the partnership the capacity to develop projects worth $500m.

Barwa Real Estate Company is one of the largest publicly listed real estate developers in the region.

Mr Ghassan Al Binali, Chief Executive Officer of Barwa International, said:

"Barwa is strongly committed to the expansion of Shaza Hotels and plans to utilize its financial strength and leverage its real estate developments around the world to create true showcase hotel properties for the Shaza brand."

Barwa International is working with Shaza Hotels on some of its leading hotel developments in Qatar and internationally. With hotel projects in Bahrain, Cairo, Doha, Dubai, Marrakech, Muscat, Jeddah, and other cities, Shaza Hotels aims by 2015 to be operating thirty luxury five-star hotels in the Middle East and North Africa region and internationally.

Guidance, an innovative international investment and finance company, acts as the managing partner to the joint venture.

Commenting on the announcement, Dr. Mohamad Hammour, Chairman of Guidance Financial Group, said:

"We are privileged to further strengthen our relationship with Barwa and look to apply the best of Guidance's international real estate development and finance expertise to successfully bring these hotel developments to fruition."

Benefitting from the experience and deep international resources of Kempinski Hotels, which acts as operating partner, Shaza Hotels is a new lifestyle hotel brand that celebrates the spirit, aesthetic and art of living of the Middle East and North Africa region in a contemporary, design-led environment.

Mr Michel Novatin, Chief Executive Officer of Shaza Hotels and former Chief Operating Officer of Kempinski Hotels, said:

"Barwa's strong backing since the early days of Shaza Hotels has provided us with the most solid foundation for building an innovative, world-class hotel company that is finely attuned to the new trends of the hospitality market."