First Holiday Inn comes up in Libya
Tripoli, November 11, 2008
Sovereign Hospitality Holdings, owned by Kuwait-based MA Kharafi Group said it is planning to develop an extensive resort in Tripoli, Libya, which will be managed by Holiday Inn, an InterContinental Hotels Group owned brand.
Sovereign Hospitality Holdings, said the development will feature the first Holiday Inn project as well as real estate opportunities. The 4-star Holiday Inn Tripoli Hotel is due to open in 2011.
The company plans to invest more than $130 million in the project at Sidi Al Abdalus site located on the Mediterranean coast in the eastern suburb of Tajurra in Tripoli, said a top official.
"The resort will feature a 1.4 kilometre beach front with clean, clear water ideal for swimming and water sports. A private beach club and water sport facilities will be developed to a 5 star standard," said Mohamed Fahmy, chief executive of Sovereign Hospitality Holdings.
In addition to the 252-room Holiday Inn property, 100 villas and apartments serviced by Holiday Inn will be available for both long and short-term occupancy.
A high quality shopping complex, food court featuring international brand food franchises, convention centre and spa will be incorporated to support this development.
"Libya is a peaceful North African country enjoying buoyant economic conditions as its natural resources assets are fully developed.
This project represents a rewarding investment opportunity for Sovereign Hospitality Holdings, which is poised to take advantage of a young, growing local hospitality market, he opined.
This project reflects Sovereign Hospitality Holdings’ dynamic approach to investment in the hospitality sector and their ability to grow their portfolio through strategic and high yield opportunities, Fahmy pointed out.
"Sovereign Hospitality Holdings is committed to corporate social responsibility and its execution of this project will generate more than 700 direct and 4,000 indirect employment opportunities," he added.
Sovereign Hospitality Holdings has partnered with InterContinental Hotels Group on various projects and looks forward to continuing their mutually beneficial relationship with this development in Libya,” Fahmy added.
Commenting on the announcement, John Bamsey, chief operating officer, IHG MEA said: "Sovereign Hospitality Holdings is a key partner and this development represents our fourth project together, further solidifying our business relationship and commercial objectives."
"This new project will put IHG in a favourable position to operate successfully in the Libyan tourism and business service sector. It confirms our strong development strategy and faith in the promising future of Libya,” he added.
Highlighting the country’s growing demand for quality accommodation, Bamsey said that this was the first Holiday Inn project to enter Libya.-TradeArabia News Service