Barwa ups investment in Shaza Hotels
Doha, September 23, 2008
Barwa Real Estate Company, through its global arm Barwa International, has increased its capital commitment to its partnership with Guidance Financial Group and Kempinski Hotels in Shaza Hotels.
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 $500 million.
“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,” said Ghassan Al Binali, CEO of Barwa International.
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.
“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,” said Dr Mohamad Hammour, chairman of Guidance Financial Group.
“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,” stated Michel Novatin, CEO of Shaza Hotels and former COO of Kempinski Hotels.-TradeArabia News Service