Guidance Financial Group launches fund targeting 500 million USD in hotel development

The new brand, Shaza Hotels, was established in a joint venture with world-renowned operator Kempinski Hotels and aims to develop 20 hotel properties across the region over the next decade.

Whilst the typical hotel in the Middle East is an imported product with little connection to the region, Shaza Hotels aims to be a modern hotel brand that celebrates the aesthetic, art of living and values of the broader region.

"There is no reason why our region cannot produce a world-class hotel brand that expresses in a contemporary setting the richness of our heritage, in the same way as East Asia, for example, has produced its own brands," said Dr. Mohamad Hammour, executive chairman of Guidance Financial Group.

Guidance Financial Group identified a clear opportunity in the world's fastest growing tourism market and the new brand will capitalise on the strong growth of intra-regional travel, which is being fuelled by growth in short break holidays and business travel as well as the substantial tourism infrastructure investment in the region. The new hotel fund's current pipeline of hotel projects includes Dubai, Cairo, Beirut, Sharjah, Abu Dhabi and Muscat.

"There will be hotels on offer across the Middle East and North Africa that are distinctly conceived, designed and operated specifically for culturally aware regional and international travellers,"

said Christopher Hartley, chief executive officer of the newly launched hotel brand.

Guidance Financial Group brings its innovative approach to Shariah-compliant investment and finance as well as 25 years of extensive group experience in real estate development, while luxury hotel operator Kempinski provides management expertise. The RSP Group is acting as a real estate and hospitality advisor.

Shaza Hotels is a gold sponsor of the Arabian Hotel Investment Conference in Dubai, April30 - 1May, 2006.

The new hotel brand will be exhibiting at Hall 2, Stand 2095 at this year's Arabian Travel Market in Dubai, May 2-5, 2006.