Zinc/InVision plans 28 new hotels in Mena
Dubai, February 8, 2011
Zinc|InVision Hospitality, a joint venture between Thai-based InVision Hospitality and Singaporean investment company Cinnovation|CG, plans to operate 28 hotels in the Mena region by 2020.
The new entity also announced plans to invest up to $180 million towards the growth and development of its brand in the hospitality sector in Mena and South East Asia region.
Kicking off its presence in the region, Zinc l InVision Hospitality said it is set to launch the first flagship property in the UAE, Zinc Edge, at Downtown Jebel Ali by 2014.
Further, the company said it was also in talks with local developers to brand and launch its first property in Dubai by 2012.
Zinc|InVision Hospitality has set its sights on Dubai as the main center for the planned Mena projects, which includes operating 8 properties and a headquarters for sales, HR, development, and operations.
The regional growth will be financed in part by Z-I Capital Partners, which is the investment fund set up by the current Zinc|InVision Hospitality partners and fortified by other investors.
Cinnovation | CG, which has holdings in excess of $1 billion, is part of the Nepal-based global conglomerate Chaudhary Group.
The company also announced plans to set up similar luxury and mid-tier property development projects in key locations in the region including four each in Egypt and Morocco; three in Saudi, two each in Qatar, Bahrain, Oman and Syria and one
The launch of a range of properties across the region is aimed at catering to a unique market segment covering luxury resorts, hip business hotels, urban travelers, long-stay and residential living, heritage travel, and spa and wellness retreats, said a top official.
“Zinc|InVision offers the Mena region’s hotel and hospitality sector a breath of new projects and brand offerings that are expected to help boost the business,” remarked Jean Marc LaFosse, vice president - Development for Malaysia, Indonesia, Philippines, Singapore, Middle East and Africa.
“We are looking at phoenix-like growth over the next few years. Recent tourism based reports have shown that Dubai’s 5-star hotel market is slowly recovering and the revenue per available room (RevPAR) is also increasing - allowing us a perfect time to come in and leverage our presence in the area," he stated.
"Offering both a 5-star hotel and mid-tier hotel to different travelers allows the opportunity for Zinc l InVision Hospitality to package itself as a brand that is friendly for all travelers," he added.
Zinc l InVision Hospitality’s global growth plans includes the execution of a niche brand strategy to brand and operate 30 hotels in Asia and other worldwide locations by 2013.
Zinc | InVision Hospitality arrives with seven hotel and hospitality brands already developed: Zinc City; Glow studios; Zinc Edge; Zinc Living; Zinc Journey; Soma and Touch by Zinc – with each brand catering to the demands of a unique market segment.
The company is further backed by financial arm of Cinnovation | CG for collaboration in the hospitality sector, Zinc Holdings, which has a capitalization of more than $500 million.
"We are confident that our new line of hotel brands will be widely received by today’s generation of travelers and tourists - be it those who can afford a 5-star hotel stay, a mid-tier hotel stay or a traveller’s hotel stay," said Jean Marc.
The key projects in the pipeline include, Zinc City Greater Noida (near New Delhi), an urban traveler’s hotel scheduled to open in 2012 and two Zinc City hotels also scheduled to open in India in 2013 in Kochi and Surat.-TradeArabia News Service