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Park Hyatt to build in Saadiyat Island
The Abu Dhabi National Hotels has awarded the construction of Park Hyatt Hotel and Villas Abu Dhabi to Al Jaber Engineering and Contracting to commence building the 75,000sqm luxury resort on the northern beach of Saadiyat Island. The hotel is scheduled for completion in the first quarter of 2011 and will have 316 rooms, suites and villas in addition to 4 signature restaurants and dedicated facilities for conferences, banqueting and recreation.
Ishraq to up Holiday Inn expansion funding
Sami Al Ansari, CEO of Ishraq Gulf Real Estate has said the company plans to boost its initial investment of $100 million (Dh367.3m) with an additional $100m for its hotels under construction in the GCC, Emirates Business has reported. He said the company will soon start the construction of a 289-room Holiday Inn Express in Bahrain in addition to the design of a project in Fujairah in the UAE.
TDIC plans 5 year dollar bond
Abu Dhabi's Tourism Development & Investment Co. (TDIC) plans to offer five-year benchmark US dollar bonds to fund its projects, Bloomberg reported, citing a banker familiar with the transaction. The bond may be priced to yield 400 basis points over similar maturity US Treasuries, said the banker, who declined to be identified because the deal is private. BNP Paribas SA, Citigroup Inc., HSBC Holdings Plc and Standard Chartered Bank are managing the deal, according to the source.
MGM Mirage cancels bankruptcy warning
MGM Mirage has announced that there is no longer 'substantial doubt about its ability to continue as a going concern' after recent efforts to negotiate with lenders and trim the company's massive debts. The 'going concern' warning surfaced in the company's annual report March 17, which became the basis of a lawsuit by Dubai World, MGM Mirage's business partner in CityCenter. While MGM Mirage has averted the immediate threat of Chapter 11 bankruptcy, some critics warn that the company's debts, $14.4bn as of March 2009, may be unsustainable.
Marriott offers free nights across Middle East
Marriott is offering its Free Night stay promotion, available for stays from June 25 - September 7, at 20 hotels in the Middle East. This is part of nearly 300 participating JW Marriott Hotels & Resorts, Marriott Hotels & Resorts, Renaissance Hotels & Resorts and Courtyard hotels across the world, including Europe, Asia, Hawaii, the Caribbean and South America. Bookings are different in locations and to book Marriott's free night stay promotion, visit Marriott.com/freenight and use promotional code RR2.
Iraq's Tourist Island seeks investors
The spokesman for Iraq's Ministry for Tourism and Antiquities has said although the ministry has started rehabilitating the water and electricity stations on Baghdad's Tourist Island, it lacks sufficient funding to rehabilitate the entire Island, Aswat al-Iraq has reported. The ministry has offered the Island's amusement park and bowling club for investments, he said.
Atul Kochhar to open restaurant in UAE Marriott
Atul Kochhar, chef-proprietor of London's Michelin-starred Benares restaurant, has signed a deal to open a restaurant at the Marriott Central Market hotel in Abu Dhabi, which is currently under construction. Kochhar, the first Indian chef to be awarded a Michelin star, runs Benares, Vatika in Wickham, Hampshire and Ananda in Dublin.
Jumeirah announces four new general managers
Jumeirah Group has announced the appointment of four new general managers for hotels in Frankfurt, Kuwait, New York and Dubai. Ms. Dagmar Woodward will be general menager of Jumeirah Frankfurt, scheduled to open in mid-2010; Mr. Mahmoud Sakr will be general manager of Mina A' Salam in Dubai; Mr. Khaled Helmy will be general manager for Jumeirah Messilah Beach in Kuwait, which is scheduled to open in 2010, and Mr. Gary Schweikert will be the new general manager of New York's Jumeirah Essex House, and Regional Vice President of Operations for the Americas.
InterCon inks Saudi deal
InterContinental Hotels Group (IHG) has signed an agreement with Saudi Arabia's Rayadah Investment Co, a subsidiary of the Public Pension Agency, for the operations and management of Crowne Plaza Hotel in Riyadh's Information Technology and Communication Complex (ITCC). Rayadah has committed SR6.2bn for the development of the ITCC project, said PPA Gov. Mohammed bin Abdullah Al-Kherashi.
Dubai Silicon Oasis to host hotels
Dubai Silicon Oasis Authority has signed a memorandum of understanding with the Dubai Department of Tourism and Commerce Marketing (DTCM) to develop ventures within the DSO. DTCM will be responsible for licensing and categorizing hotels, according to DTCM's regulations, in addition to ensuring the implementation of all other procedures related to tourism events activities.
Rezidor plans new Park Inn hotel in Dubai
Rezidor has announced plans to open a new Park Inn hotel in Dubai. The 220 room Park Inn Bur Dubai is scheduled to open Q2 2012. The new property aims to tap the growing medical tourism industry in Dubai with the American Hospital Dubai and Dubai Health Care City in close proximity.
IHG to manage Al Badia Golf Club
Intercontinental Hotels Group (IHG) has been awarded the management contract for the nearby Four Seasons Golf Club by Al Futtaim Group, Gulf News has reported. Starting July 1, the club will be rebranded as Al Badia Golf Club. IHG is managing the golf club for five years.
MGM Mirage to launch hotel in Egypt
MGM Mirage and New Giza for Real Estate Development - an Egyptian company building a mixed-use community near the base of the famous pyramids - have announced plans to develop the MGM Grand New Giza. The 550-room hotel will offer views of the city of Cairo and the pyramids of Giza and will be connected via electric train to the new Egyptian antiquities museum, currently under construction. All equity funding for the development will be provided by New Giza for Real Estate Development. MGM Mirage will provide management services and brand fees through MGM Mirage Hospitality.
Spending by US visitors in UAE up 85%
US visitors to UAE have contributed $733 million to the country's tourism revenues in 2008, up 85% from 2007, according to the new report from Visa. The average purchase amount for US travelers in UAE was $139.69, the report said. 'This data enables businesses to improve their offerings and marketing strategies to ensure that they appeal to travelers around the globe,' said Bill Sheedy, President, North America at Visa Inc.
Four Seasons UAE hotel scrapped
Al-Futtaim Group Real Estate (AFGRE) has called off the construction of the first Four Seasons Hotels and Resorts UAE property, a 400-room hotel in the Al Badia district of Dubai Festival City. AFGRE has declined to comment on the reasons behind its decision. The golf club at the location will be taken over by a Festival City-based hotel.
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