IFA - Mövenpick launch Hotel-Residence
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IFA - Mövenpick launch Hotel-Residence
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Category: Middle East -
This is a press release selected by our editorial committee and published online for free on 2005-11-21
IFA’s Mövenpick Hotel & Residence Laguna Tower Dubai guarantees 8 per cent annual income
IFA Hotels & Resorts, a wholly owned subsidiary of Kuwait’s International Financial Advisors has launched its hotel ownership program with sales of its first internationally branded hotel residence project in Dubai, the Mövenpick Hotel & Residence Laguna Tower Dubai.
The Mövenpick Hotel & Residence Laguna Tower Dubai will be managed by the renowned Swiss hotel chain Mövenpick Hotels & Resorts, following the formation of a partnership between IFA Hotels & Resorts and Mövenpick Hotels & Resorts to identify and develop hotel residence projects throughout the Middle East in addition to Europe, India, Asia and Africa, for additional opportunities of this new branded investment product.
IFA has developed an innovative property investment vehicle that combines ownership with a guaranteed minimum return and strong capital growth potential. This concept allows investors to buy a fully furnished, five-star branded hotel residence, with rental pool system to give the owner the security of a guaranteed return of 8% per annum for the first 3 years plus 30 days complementary use per year, all managed by a five star International Hotel operator.
"The introduction of the Mövenpick Hotel & Residence Laguna Tower Dubai ownership program confirms our commitment to offering world class resort developments for different segments of the international market. Our continued strategy of forging strong partnerships with world-class Hotel Companies is seen in our agreement with Mövenpick Hotels & Resorts, to ensure that we continue to bring the highest levels of hospitality standards to the industry," said Werner Burger, President & COO, IFA Hotels & Resorts.
"Mövenpick Hotels & Resorts are delighted to partner with IFA in this exciting new venture and are committed to deliver the highest standard of quality and service to the Mövenpick Hotel & Residence Laguna Tower Dubai, ensuring that owners and guests can be guaranteed five-star service all year round," said Andreas Mattmüller, Senior Vice President Middle East Mövenpick Hotels & Resorts.
Hotel residence ownership reduces the risk in owning, managing and renting a property and it offers buyers peace of mind, as well as the means to be a part of Dubai’s two biggest growth industries – hospitality and property.
"IFA’s new ownership program represents a unique opportunity for mid-tier investors to participate in hotel ownership, which has previously been the domain of high net-worth individuals. The hotel residence model is well established in more mature hotel markets such as the US and South Africa, however we are seeing an emergence of this type of product coming into the region. Investing in this type of programme is an attractive alternative for investors wishing to diversify their residential and commercial property portfolios, with the added benefit of getting some personal usage out of the investment", commented Patrick Smith, Vice President Asset Management, IFA Hotels & Resorts.
Mövenpick Hotel & Residence Laguna Tower Dubai, which comprises private residences as well as 120 hotel rooms, provides all the comforts and amenities synonymous with a world-class development. Built in a commanding location, the modern designed 40-storey Tower gives several apartments and hotel rooms’ splendid lake and sea views, as well as landscaping, children’s play area and direct access to waterside walkways. State-of-the art technology will provide residents and visitors with "smart" living and the Tower will incorporate a health club, gymnasium, swimming pool, jacuzzi, elegant reception area, 24-hour security and basement parking, in addition to a range of Mövenpick-operated restaurants and retail outlets.
Investors will own a part of the dynamic Dubai hospitality sector in a premier location, with a higher than average return on investment.
Owner buys freehold hotel residences;
Ownership of hotel room, including furniture & fittings packages;
Owner receives income and up to 30 days usage per year;
IFA guarantees Owner 8% return per year for 3 years;
Capital value increases in line with hotel performance;
4 fully furnished room types available - Executive, Superior, Deluxe & Suite.
Mövenpick Hotels & Resorts, which manage 53 hotels and 12,500 rooms in 19 countries, is known for its heartfelt hospitality, uncompromisingly high product and service quality, and is set to ensure that the Mövenpick Hotel & Residence Laguna Tower Dubai will stand out as one of the landmarks of the Jumeirah Lake Towers development.
Talal Jassim Al-Bahar, Chairman & Managing Director, IFA Hotels & Resorts, stated that "This latest move reinforces the Company’s strategy in that, the Mövenpick Hotel & Residence Laguna Tower Dubai is a further commitment to IFA’s mission to deliver an outstanding network of international managed resorts across the globe. IFA is known for its innovative and market leading development concepts, demonstrated through its resorts in Portugal, Dubai, South Africa, Lebanon and Zanzibar."
ABOUT IFA HOTELS & RESORTS – www.ifahotelsresorts.com
IFA Hotels & Resorts is a wholly owned subsidiary of Kuwait’s International Financial Advisors (IFA), and is widely recognised as one of the world’s leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean and Africa.
Throughout the world, IFA Hotels & Resorts has entered into strategic alliances and Joint Venture partnerships with companies such as Nakheel, Kingdom Hotels Investment, FPD Savills, Moreland Developments (Pty) Ltd in South Africa, and has also made strategic acquisitions in growth tourism based companies such as Cendant’s Resort Condominiums International (RCI), of which IFA owns 50% of the company for the Middle East.
IFA Hotels & Resorts is in the process of listing, with the first stage being through a reverse listing of IFA Hotels & Resorts (South Africa) on the Johannesburg Stock Exchange (JSE) later this year.
In the Middle East, IFA Hotels & Resorts is the largest investor on The Palm Jumeirah, the iconic man-made island in Dubai, in the United Arab Emirates. IFA Hotels & Resorts is developing the 400-room Fairmont Palm Hotel & Resort located on the trunk of The Palm, with some 560 luxury apartments adjacent to the Hotel at the Fairmont Palm Residence. On the Crescent of The Palm, adjacent to Atlantis, IFA is developing a 1,000-key mixed use destination resort, comprising a Hotel, Vacation Club, Residences and Private Residence Club, also to be managed by Fairmont Hotels & Resorts. Elsewhere on The Palm, IFA owns two shoreline residential buildings on the trunk, Al Nabat and Al Haseer, in addition to the development of the prestigious Palm Golden Mile.
The Golden Mile development, a Joint Venture project with Nakheel, (developers of The Palm), is a US$300million development set along the heart of The Palm, the trunk, featuring in excess of 850 luxury apartments as well as 220 boutique shops and restaurants. The project stretches along a 1.5 kilometre canalside corniche, transforming it into one of the world’s most unique and sought-after waterfront retail destinations.
Elsewhere in Dubai, IFA is developing the Laguna Tower, a forty-storey mixed-use tower comprising residential apartments, a Condo-Hotel managed by Mövenpick Hotels & Resorts, in addition to retail and restaurants along the waterfront.
IFA Hotels & Resorts has recently launched its prestigious Alabadiyah Hills resort development in Lebanon, an ultra-luxurious mountainside retreat in Bhamdoun, overlooking Beirut. Formerly on the site of a presidential palace, the 7.5 hectare project will comprise high end residential villas and apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels & Resorts.
In South Africa, IFA is involved in a joint venture at the existing Zimbali Coastal Resort. Zimbali is a 370 hectare (925 acre) tropical coastal residential and resort estate located on the North Coast of KwaZulu-Natal, 25 km north of Umhlanga Rocks and bordering on the south of the popular holiday destination of Ballito. Zimbali consists of two distinct but uniquely complementary residential and resort estates - the Zimbali Coastal Forest Estate and the Zimbali Lakes Golf Course Estate.
Within Zimbali, IFA Hotels & Resorts owns the exclusive Zimbali Lodge which is managed by Sun International Limited, and is developing a second international beach front hotel at the resort, in addition to a world class golf course designed by Gary Player.
IFA Hotels & Resorts is also the force behind the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of Starwood’s Luxury Collection; and the Zanzibar Beach Hotel and Resort on the historic Tanzanian spice island which will be managed by Mövenpick Hotels & Resorts.
Throughout the world, IFA Hotels & Resorts aims to link its resorts in Dubai, South Africa, Zanzibar, Lebanon and Portugal to new parts of the globe, such as Mauritius, Eastern Europe and the Far East. This will offer residential investors and tourist visitors alike, to follow IFA Hotels & Resorts throughout a unique network of world-class hotels, residential resorts, vacation and residence club destinations.
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