Top hotel construction under way in Iraq
Dubai, February 14, 2012
The construction of Range Hospitality’s $175 million Al Rawdatain Residences hotel project, launched in 2010, is under way in Karbala, Iraq.
Based in Dubai and Bahrain with offices across the region, the company has successfully sold Shariah-compliant fractional ownership and is expected to complete the 12-storey project by the end of 2013, a statement from the company said.
Designed by Dewan Architects and Engineers, the UAE-based firm behind projects such as Yas Hotel in Abu Dhabi and the Baghdad Rotana Hotel, the new hotel with 624 apartments will be the largest five-star hotel in Iraq.
The 65,000 sq m, G+12 hospitality development, will be managed by Shaza Hotels, and is conveniently located 1km from the holy shrines.
The company has secured funding from the sale of off-plan Shariah-compliant time share over the past 18 months, the statement said.
Munaf Ali, CEO, Range Hospitality, said: “The group always looks for potential markets and we found that Iraq offers a very favorable foreign investment environment making it a lucrative market for investment. Thus finding a gap in luxury accommodation across all spectrums, we went ahead with this large development to cater to over 20 million pilgrims who visit Karbala every year, and face acute shortage of residences.”
“The fully furnished and serviced Al Rawdatain Residences suites will offer 24-hour security, crèche services, business centre, in-suite dining, four restaurants offering a large variety of cuisines and child-care facilities,” he said.
“As the political situation in Iraq is settling, pilgrim numbers are expected to swell and the city’s facilities cannot cater to their needs,” Ali added.
By 2015, Range Hospitality aims to operate both three-star and four-star hotels in Najaf.
The developer has already received a number of inquiries from regional partners to consider joint ventures in Madinah. The group also intends to develop and operate a series of hotels in Makkah to cater to the needs of the entire Muslim audience. – TradeArabia News Service