M"ovenpick Signs Agreement with IFA
Will Introduce a Branded Hotel Residence in Dubai
DUBAI, UAE, December 21, 2005. M"ovenpick Hotels & Resorts has signed an agreement with IFA Hotels & Resorts to introduce a 5 star branded hotel residence in Dubai, U.A.E. It is the first independent hotel investment project in the Middle East. The M"ovenpick Hotel & Residence Laguna Tower Dubai is scheduled to open in 2008 and offers a total of 120 Hotel rooms as well as additional 296 suites and apartments.
IFA Hotels & Resorts, a subsidiary of International Financial Advisors in Kuwait, has pioneered the innovative property investment concept which guarantees individual owners a minimum return and substantial potential for capital growth. The concept of the residence hotel project enables investors to purchase a fully fitted, fully furnished room or apartment which will yield a guaranteed return of 8% in the first three years and may be used free of charge for 30 days in the year. Following the three year guaranteed return, individual investors will receive an annual profit share equal to 50 % of the room revenue.
The 40 storey M"ovenpick Hotel & Residence Laguna Tower Dubai, offers both 296 private suites and apartments and 120 comfortable hotel rooms with lake and sea views, in prime Jumeirah location. True to M"ovenpicks' world class hospitality brand, the hotel will have a business centre, state of the art meeting facilities, fitness centre, swimming pool and whirlpool, a multi-storey car park as well as a variety of retail boutiques and trademark M"ovenpick cuisine served in variety of themed restaurants.
"The introduction of the branded hotel residence ownership program confirms our commitment to offering world class resort developments for different segments of the international market. Our continued strategy of forging strong alliances with world-class partners is seen in our strategic alliance with M"ovenpick 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.
"The venture with IFA Hotels & Resorts is an honour for us and offers great potential for the future", says Andreas Mattm"uller, Senior Vice President Middle East M"ovenpick Hotels & Resorts. "The M"ovenpick Hotel & Residence Laguna Tower will be the eighth M"ovenpick Hotel within Dubai, and here too, we will guarantee our guests and investment partners 5-star service and the highest standards of quality renowned by M"ovenpick Hotels & Resorts worldwide." and on Mauritius.
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