Bahrain hotel plans $5 million spa
Manama, March 9, 2010
One of Bahrain's pioneering hotel groups is planning to build a BD2 million ($5.3 million) spa, after announcing its highest net profits since it was launched more than 40 years ago.
Work on the 1,800sqm spa, featuring latest top range treatments, will begin soon, said Gulf Hotels Group chairman Farouk Almoayyed.
He was speaking at the company's annual general meeting at Gulf Hotel, where he also announced that it would manage an upcoming 234-room, four-star K Hotel in Juffair.
'We have signed a deal with the owning company, Mokan, to develop and manage the property, which will open in the second half of this year.
'It will boast some of the best four-star bedrooms in Bahrain, together with some innovative restaurant concepts which will reflect our strong reputation in restaurant operations.'
Almoayyed said the group's net profit for last year was BD9.12 million, the highest since its inception in 1967.
'The figure represents a growth in of BD203,275 or 2.28 per cent, compared to 2008 - despite accounting BD618,997 for impairment losses.'
Gross operating revenues of BD30.55 million exceeded 2008 by BD988,602 or 3.34 per cent, while net profits reflected earnings per share of 67 fils for last year.
In addition to Gulf Hotel, the group shareholders own and operate Ocean Paradise Resort in Zanzibar.
Almoayyed said shareholders have approved a dividend payout of 30 fils per share, totalling BD4,099,302 (30 per cent), and share bonus at 10 per cent (one for 10 shares).
'They have also approved the director's fees of BD145,000; charity donations of BD233,762 and BD10,000 towards national promotional activities.'
He said the soon to be completed multi-storey car park and Gulf executive offices building would give the hotel an additional 600 parking bays.
This, he said, would alleviate parking problems at peak times and give a major advantage over competitors.
'The executive offices give the hotel 7,000sqm of prime office space for rental and enables it to be a 'one-stop-shop' for new businesses coming into Bahrain,' he said.
This would be instrumental in offering office space, apartment rental and unrivalled entertainment options, all under one roof, he added.
Group chief executive officer Aqeel Raees said last year saw the opening of the hotel's ninth fine-dining restaurant, Margarita Mexicana, which received excellent feedback from customers.
'Overall, the hotel's food and beverage outlets have continued to play a leading role in Bahrain's market, delivering top quality food and service.'
Raees said renovation work in the ladies health club was completed following renovation of the men's health club in 2008.
'The renewal of all facilities and increase of the total space of the clubs are part of the group's policy to provide the best and latest services to the customers,' he said.-TradeArabia News Service