The Qatar headquartered travel and hospitality company, The Regency Group, recently revealed plans to open 50 hotels across the GCC in the next five years.
At least twelve of the hotels will be located in the UAE alone according to Khaleej Times. Accommodation will be priced at $70-$80 a night.
To help growth plans and to "bring in new blood" Regency is planning an initial public offering (IPO) next year for which 80 per cent of the company's shares will go public.
"This will bring in new blood and help us to expand," said the company’s CEO Ibrahim Al Asmakh Al Asmakh.
"We will become a holding company next month and then a proper valuation will be carried out," he added.
Al Asmakh also said that the company had established a new hotel management company, Oryx, through which it would be launching a chain of "sporty" three-star hotels.
© 2006 Mena Report (www.menareport.com)
