Fairmont Hotels & Resorts has been appointed by the private office of Sheikh Sultan Bin Khalifa Al-Nahyan to manage the luxury business hotel Fairmont Dubai. An agreement for Fairmont to acquire a minority stake in the project has also been made.
When concluded, the joint venture will be the first investment in the hospitality sector in Dubai by an international hotel operator. Traditionally, international operators have entered the arena under a management contract, with the bricks and mortar ownership remaining with a local investor.
Designed in the form of an Arabic wind tower (Barajeel), consisting of four interlocking towers, the Fairmont Dubai will comprise 393 hotel rooms including 117 suites, business facilities, residential apartments, a world class spa and health club and 12 food and beverage outlets.
The hotel is located opposite Dubai's World Trade Center and the area earmarked for the new convention center set to house the International Monetary Fund meeting in Dubai in 2003.
Fairmont is a luxury hotel management company with 38 hotels in North America, Bermuda, Barbados, Mexico and now the United Arab Emirates. Canadian Pacific Hotels & Resorts Inc. holds a 67 percent interest in Fairmont Hotels & Resorts with Maritz Wolff and Kingdom Hotels holding 16.5 percent each.
Sheikh Sultan Bin Khalifa Al-Nahyan is a member of the Royal Family of Abu Dhabi and a significant real estate investor on a global scale. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
