IFA Hotels Enters Namibia
MARCH 27, 2007. IFA Hotels & Resorts (IFA HR) is entering into the Namibian hospitality market through a US$ 75 million joint venture with the Ohlthaver & List (O&L) group.
Through the venture, IFA HR has also introduced five star luxury hospitality partner Kempinski Hotels (Kempinski) to Namibia in an agreement that will see the international hotel brand operate all four of the joint venture hotel properties.
Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR stated, "In addition to being very pleased with the announcement regarding our new partner Ohlthaver & List, we're also extremely excited about the potential such a strategic partnership represents. Ohlthaver & List is at the forefront of the Namibian private sector and as such provides not only a platform for our initial entry into Namibia, but also represents future opportunities for our company to expand further into this growing market."
Established in 1923, O&L is Namibia's largest privately held group of companies outside of the mining sector with vested businesses that actively promote and support business growth in Namibia. The O&L group of companies has interests in food production, fishing, beverages, farming, retail trade, information technology, property development, leisure and hospitality, marine engineering and the service sector.
Sven Thieme, Executive Chairman of O&L said, "The announcement of our new partnership with mixed-use developer IFA Hotels & Resorts fully supports our company mission to build innovative and sustainable businesses in Namibia. We are also delighted to welcome international five star hotel operator Kempinski Hotels. The entry of these two high-profile companies to Namibia will not only help increase our profile on the global travel and tourism stage, but also contribute to business growth that significantly supports our socio-economic wealth and living conditions. I am very excited and proud to see these prestigious companies enter Namibia."
Werner Burger, President and COO of IFA HR stated, "We are committed to increasing the global profile of projects being driven by IFA Hotels & Resorts South Africa and Namibia is no exception. Drawing on our expertise and resources, we will tap into our global clientele to generate awareness and grow investor appeal for our Namibian interests. It is also through the strength of our existing partnerships that we were able to bring renowned luxury hotel operator Kempinski into the folds of our Namibian operations. We first began working with Kempinski Hotels on our project in Lebanon during 2005, and we are looking forward to yet another successful partnership with them here in Africa."
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