UAE's Tasweek in JV to build hotels in Asia
Abu Dhabi, December 10, 2011
UAE-based Tasweek Real Estate Marketing and Development said it has joined hands with a leading Gulf asset manager to develop hotels and resorts in prime tourism and business hubs across Southeast Asia and other key regions of interest to Gulf investors.
The joint venture with Asset Allocation Advisors (AAA), a member of the Khalid Al Hamed Group, will aim to build a collection of high-end resorts incorporating sustainability concepts to preserve local culture and natural resources, said the Abu Dhabi firm.
Tasweek said it will act as the investment advisor under the partnership, which is structured as a $50 million offshore portfolio company.
Its initial target is the completion of a beachfront apartment located in the northeastern corner of Thailand’s Phuket Island.
An opening tranche of $20 million in equity capital will be directed to the resort’s development, with the partners to seed the equity while also allocating a portion for a select group of investors to join in, it added.
Phuket welcomes around 8 million tourists a year, a growing number of which come from the UAE and other GCC states.
The Abu Dhabi firm said, 'the move is inspired by the ‘Union’ values of the UAE that we treasure as we celebrate the emirates’ 40th anniversary.'
AAA, a reputed asset manager with resort investments in Phuket and Bali funded by Middle East and Far Eastern investors, said the resort will appeal to second-home buyers from the local and expat communities of the GCC and Asia.
Tasweek and AAA’s inaugural development in the island will feature 134 all-pool apartment and villa spa retreat. Investors are expected to be drawn to its spacious units surrounded by lush tropical forests and beautiful overlooking views of the Andaman Sea.
'Our partnership with AAA is off to a strong start with our Phuket resort, which will introduce visitors from our region to Thailand’s famous hospitality as well as its renowned culinary delights,' remarked Masood Al Awar, CEO of Tasweek Real Estate Marketing and Development.
'The developer has shown a tasteful eye for detail which discriminating investors will surely appreciate. Our JV is a perfect reflection of the ‘Union’ values that we treasure as we celebrate the Emirates’ 40th anniversary,' he added.
Khalid Al Hamed, the parent company of AAA, is associated with several high profile real estate assets including the Sheraton in Khalidia - Abu Dhabi and Sheraton Jumeirah in Dubai.
Tasweek, on the other hand, is successfully growing a $250 million investment portfolio covering strategic locations in the UAE, Malaysia and Morocco.-TradeArabia News Service
More Travel, Tourism & Hospitality Stories
- BA plane makes emergency landing after engine fire
- Jet Airways shareholders approve Etihad deal
- Middle East Hotel Awards held
- Pacific World announces UAE, Oman launch
- Mubadala unit developing new cabin concept
- Emirates to increase flights to Colombo
- Etihad Airways appoints new GM
- Oman Air to buy three A330 planes
- Enrolment for tourism youth summer camp opens
- British Airways celebrates Jordan return