IFA-Movenpick launches $150 million hotel residence project

DUBAI— IFA Hotels and Resorts and Movenpick Hotel launched its hotel ownership programme with sales of its first internationally branded hotel residence project worth $150 million in Dubai, the Movenpick Hotel and Residence Laguna Tower located at Jumeirah Lake. This is the first time an ownership concept of freehold hotel property has been launched in the market.

By Moushumi Das Chaudhury

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Published: Sun 27 Nov 2005, 9:58 AM

Last updated: Thu 2 Apr 2015, 5:28 PM

This was announced at a Press conference held recently at Movenpick , Bur Dubai. The IFA has developed an innovative property investment vehicle that combines ownership with a guaranteed minimum return and strong capital growth potential. The new Laguna Tower launched in February this year will be managed by the Swiss hotel chain Movenpick Hotels & Resorts, following the formation of a partnership between IFA Hotels & Resorts and Movenpick Hotels & Resorts to identify and develop hotel residence projects throughout the Middle East in addition to Europe, India, Asia and Africa, for additional opportunities of this new branded investment product.

Patrick Smith, vice president Asset Management, IFA Hotels & Resorts told Khaleej Times, “This new concept will provide an excellent opportunity for mid-tier investors to participate in hotel ownership and the benefits include a guaranteed return of 8 per cent per annum for the first 3 years plus 50 per cent of the hotel room revenue from fourth year onwards and 30 days complementary use per year, all managed by a five star International Hotel . ’’

The modern designed 40-storey Movenpick Hotel & Residence Laguna Tower will comprise of private residences as well as 120 hotel rooms, with an option of four fully furnished room types such as Executive , Superior, Deluxe & Suite with all the comforts and amenities synonymous with a world-class development.

According to Werner Burger, president and COO, IFA Hotels & Resorts, “IFA Hotels & Resorts , a wholly owned subsidiary of Kuwait's International Financial Advisors is largest investor on the Palm Jumeirah , a joint venture with Nakheel , the Golden Mile development, a $300 million development set along the heart of the Palm.

Other project includes the 400 room Fairmont Palm Hotel & Resort and this new concept will be introduced in South Africa, Asia-Pacific and other countries."

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