Istithmar signs exclusive agreement with Rezidor SAS for luxury hotel at Canal Point in Dubai

The Regent hotel - the brand's first property in the region - will be a key component of Canal Point, Istithmar's futuristic mixed-use development in Dubai.

The tie-up with Rezidor SAS for the landmark property marks a milestone in the development of Canal Point, a project comprising a hotel, two residential towers, two office towers, a hospital operated by Thailand's leading healthcare company Bumrungrad International Limited and a wellness centre, which will include a luxury spa.

The agreement underlines Istithmar's strategy to own key assets worldwide in the high-end hospitality sector. These assets will be owned and managed through its wholly-owned subsidiary -Istithmar Hotels.

Elaborating on the agreement with Rezidor SAS, Joe Sita, Chief Executive Officer of Istithmar Hotels, said,

"Istithmar Hotels is excited to have the prestigious 'Regent' brand in the iconic Canal Point project. The hotel brand was chosen due to its Asian origin and its synergy with the Thai-Asian theme of the entire project. The luxury Regent hotel will leverage Rezidor's extensive management capabilities and benefit from the global strength of Carlson Hotels - the famed hospitality group operating in association with Rezidor."

He added, "We are confident that the new hotel will capitalize on the vast, untapped potential of Dubai's hospitality sector, further boosting its image as a dynamic international destination. We look forward to developing similar strategic partnerships in key hospitality assets worldwide."

Commenting on the alliance, Kurt Ritter, President and CEO, Rezidor SAS, said, "The Emirate of Dubai is synonymous with the highest standards of luxury and quality. Developing a Regent hotel in Dubai has been our long-term agenda. We are extremely pleased to have found not only the right partners in Istithmar to realise this, but also a project which will be an exceptional landmark in the city."

The luxury 80-level hotel will comprise 250 rooms and an equal number of serviced apartments with innovative amenities. Inspired by the Asian lotus flower, the project is designed to be an architectural marvel, adding a unique dimension to Dubai's skyline.

The project will also add immense value and substance to the hospitality industry in the Middle East, setting the tone for a new standard of luxury and quality in the high-end segment.

The hotel project is currently on the fast track and Istithmar will announce further developments soon.