Representatives of Istithmar Hotels recently announced that the company, a subsidiary of Dubai investment firm Istithmar, expects to conclude five luxury hotel transactions by the end of the current year.
"We are hoping for three to five transactions this year. They include acquisitions of existing hotels with operators and also some redevelopment projects," stated Joe Sita, Istithmar Hotels chief executive officer, according to Gulf News.
The assets are reportedly located at yet undisclosed locations in the United States, Europe and Asia.
Istithmar Hotels is also negotiating for several greenfield projects in key urban centers in Europe and Asia, however, such deals will not likely be sealed by the year's end.
The company is currently developing the mixed-use Canal Point project in the UAE and is a partner in the $1.5 billion, 2,000 room Atlantis resort on The Palm Jumeirah.
The launch of the Canal Point luxury hotel was recently announced. The hotel, which is to be managed by Rezidor SAS, is scheduled for completion in mid 2010.
The 80-storey property will be the region's first hotel under the "Regent" brand.
"The hotel brand was chosen due to its Asian origin and its synergy with the Thai-Asian theme of the entire project. The luxury Regent hotel will leverage Rezidor's management capabilities and benefit from the global strength of Carlson Hotels that operates in association with Rezidor," Sita said.
