Middle East firm invests in W Samui 
Middle East firm invests in W Samui
Middle East firm Istithmar
Hotels FZE continues its South East Asian buying spree with the
announcement it will partner with Thai developer Amburaya Resorts to
build and operate the W Hotel & Residences – Koh Samui, a 70-room
luxury hotel opening in late 2008.
The W Hotel & Residences
– Koh Samui is the first South East Asian property for the W Retreat
brand, which is owned by Starwood Hotels.
Analysts says
mixed-use developments, which feature both regular hotel-style units
and units for purchase, give developers an added sense of security in
the event either segment of the market hits a rough patch.
The
joint venture between Istihmar and Amburaya will bring the two
companies together to finance and build the new property. The retreat
will feature 70 villas, W´s signature Living Room and lounge, one
signature restaurant, a pool bar and a signature spa. The development
will also include 15 luxury villas on the grounds of the retreat which
will be available for purchase.
Joe Sita, chief executive of
Istithmar Hotels FZE, said: “W Hotel & Residences fits right into
our portfolio of luxury hotel brands in key markets around the world.
“For
Istithmar Hotels, it is the people with whom we work that make the
difference. Amburaya’s team tick all the boxes for us and we know this
will be a successful project.”
Sunny Bajaj, managing director of
Amburaya Resorts, said: “We wanted to bring in world class financial
and operational expertise into this project and Istithmar Hotels were
the obvious choice. We expect this to be just the start of a long and
expanding relationship.”
Since it was launched in April 2006,
Istithmar Hotels has developed a portfolio with a total investment
value of approximately US$3 billion. This includes a significant
investment in Kerzner Group, the developer and operator of Atlantis
Resorts and of One and Only, the luxury resort brand; the master
franchise for easyHotels in the Middle East, the Levant, North Africa,
India and Pakistan; and ownership of the Knickerbocker Hotel on Times
Square, the W Hotel Union Square in New York, Mandarin Oriental in New
York and the Hotel Washington in Washington DC.
It recently
announced the purchase of a 24.99% shareholding in leading Thai real
estate developer, Raimon Land Public Company Limited, as well as a
significant strategic investment in International Hotel Investments
(“IHI”) plc of Malta.
Richard Johnson, Managing Director of
Istithmar’s real estate business, said:“Asia for us is a key region for
the development of our portfolio. Thailand is an important strategic
market for Istithmar Real Estate within Asia and I am pleased we are
able to expand our operations there.”
W Hotels is a global
lifestyle brand with 21 properties in the most vibrant cities around
the world. Inspiring and indulging its guests with thoughtful,
refreshing and stylish experiences, signature restaurants, bars and
destination spas, W has become the fastest growing luxury hotel brand
in the world. Each hotel offers a unique mix of innovative design,
comfort and cultural influences from fashion to music to art and
everything in between.
Starwood Hotels & Resorts Worldwide,
Inc., the parent company of W Hotels, entered into a management
agreement with Amburaya Resorts to manage the new hotel when plans were
announced in November 2006.
Amburaya Properties is a Thai based
developer bringing new and innovative lifestyle oriented accommodation
and residential development to new and well established destinations
and currently has properties in Bangkok, Pattaya, Koh Samui, India and
continues to look for opportunities to grow their portfolio within
Thailand and the region.
Source: http://www.property-report.com/news.php?id=550
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