REFAD Hotels & Resorts celebrated its first anniversary at the Arabian Travel Market 2005 today by announcing dramatic expansion of its portfolio.
The internationally registered hotel chain has signed 12 properties in Europe and the Middle East since its official launch at ATM last year, and more property deals are in the pipeline as the company seeks to become a genuine player in the global hospitality industry.
Antoine Yazbek, President of REFAD Hotels & Resorts, said: “To go from one hotel property to 12 in less than 18 months is a major achievement, and REFAD aims to build on its success by acquiring around six new properties a year over the next five years.”
Yazbek, a pioneer of five-star hotels in the Middle East with Sheraton, added: “REFAD owns, manages, franchises, and finances hotel properties around the world through its own portfolio of five distinct hotel brands. REFAD’s reduced fee structure to hotel owners, first-class reservation systems, and effective management policies make it one of the fastest growing and most trusted business partners in the international hospitality industry today.”
REFAD’s five-star-plus hotel brand, The Monarch, will manage the only hotel property on Oqyana, which represents the Australia continent of The World, Dubai - a breathtaking islands project off the Jumeira coast. Construction of the property starts in 2008. Besides the hotel, REFAD developments on Oqyana will include a spa and a resort property.
A new US$350 million fund will help finance expansion by the REFAD chain. The Hotels and Investments Fund, launched by Adeem Investment, a group company of EFAD Holding which also owns REFAD Hotels & Resorts, is domiciled in Kuwait and is a mixture of equity, sukuks, and quasi-equity.
“Adeem has chosen REFAD to serve as its fund advisor and property manager,” said Mustafa Al-Saleh, Chairman and Managing Director, CEO of Adeem Investment at today’s REFAD press conference at ATM.
“The new fund will help drive REFAD’s impressive growth, and it demonstrates the seriousness and credibility of the chain’s ambitions.”
Today, REFAD’s hotel portfolio owns and manages four properties worldwide. The Monarch Luxury Hotel, Spa and Conference Center opened in Munich eight months ago and is developing a new 3.5 million euro spa in time for the 2006 World Cup.
The chain also has two five-star residential-style properties in Kuwait under its The Rester brand, and the Four Stars Hotel & Beach Club in Beirut will open officially this week, equipped with 45 rooms, beach facilities and marina.
REFAD’s Antonie Yazbek said: “The chain’s five brands together meet and the exceed the demands of today’s travellers and their families, with a minimum four-star service guarantee.
“The Monarch is a five-star-plus luxury hotel brand; REFAD Resorts caters for high-net-worth leisure and convention guests; The Square is a four-star-plus city centre, business hotel brand; The Four Stars serves the business and economy travel leisure market; and The Rester offers an exclusive brand of five-star residential service.”
A British-Dutch venture, REFAD Hotels & Resorts will open its new international headquarters in Paris this year. The company also plans to float on an international stock exchange by 2007.
Underlining REFAD’s global ambitions, a Four Stars property is set to open in Skopje, Macedonia in three months. Closer to home, the 20-storey The Monarch Kuwait will open in Kuwait City in February 2008, with 400 rooms, two ballrooms, and fine dining restaurants.
The Square Capital Tower will introduce The Square brand to Kuwait in 2007, and the complex will include a hotel, shopping mall, office tower and apartments. The REFAD Resort Al Julayia and The Rester Suites open in Kuwait in the next 18 months.
