Coral in Dh441 million deal with Cii Holdings

DUBAI — Coral International Hotels, Resorts & Spas entered into another partnership with the South African-based Cii Holdings for two five-star hotels in Durban and Johannesburg worth Dh220.4 million, and with an understanding to replicate the project in Pretoria for the next three years.



By Jose N Franco Jr

Published: Sat 5 May 2007, 8:26 AM

Last updated: Sat 4 Apr 2015, 10:56 PM

On Wednesday, Coral International granted its first-ever franchise worth Dh95.4 million to Al Bahja Group of Companies for a 109-unit five-star property in Oman. Now called Coral Boutique Villas at Al Nahda Resort & Spa, the property is less than an hour's drive from the Omani capital of Muscat.

"The transaction significantly strengthens our position in Oman and leaves us well-placed to pursue potential strategic opportunities for further growth and development," said Michel Noblet, managing director of Coral International.

In an interview, Julian Ayers, general manager of Al Nahda, said the company expects a good return on its Dh95.4-million investment in two years. "It's good to have Coral with us because it has an international name, and it is very good in re-branding hotel properties," he said.

Ayers also said his company is adding a Dh2.4-million Desert Camp project with 24 rooms to the re-branded property.

Noblet said the Pretoria property would be worth Dh110.2 million, the same amount involved in the partners' Cape Town project signed last year. This brought to almost Dh441 million the worth of the four projects, with Cii Holdings as property developer and Coral as hospitality manager.

He said the two companies want to position themselves well in South Africa, whose fastest-growing industry is tourism, in time for the FIFA World Cup in 2010.


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