Kempinski ends Bahrain hotel deal
Manama, March 26, 2014
Kempinski Hotels and Majid Al Futtaim said they have reached an agreement to end the hotel management deal for the Kempinski Grand and Ixir Hotel Bahrain City Centre in Manama.
Kempinski Hotels will continue to manage the hotel up until midnight on June 30 when it will formally hand over the property to the Dubai-based shopping mall developer, reported the Gulf Daily News, our sister publication, citing a Kempinski statement.
"Our studies of the changing market requirements informed our decision to adopt a two distinct brand strategy for the two-tower hotel in Manama," MAF Properties chief executive George Kostas said.
"MAF believes the new strategy is better aligned with the product and the market demand, and will maximise the yield of the two towers. We will announce the new brands in due course," he added.
In his comments, Kempinski Hotels president and chief executive Reto Wittwer said: "Kempinski continues to enjoy an excellent relationship with MAF for whom we continue to manage the award-winning hotel at Mall of the Emirates in Dubai.
Besides Kempinski, MAF has agreements with Accor hotels and Sheraton for eight other hotels in Dubai, with all but one, Ibis Al Rigga, linked to its malls.-TradeArabia News Service