IFA Hotels & Resorts Secures US$115 Million in Funding for Fairmont Palm Jumeirah; First New Foreign-bank Debt for a Dubai Hotel Development since Downturn

Dubai, 07 December 2010: IFA Hotels & Resorts, through its asset management subsidiary company, IFA Hotel Investments (IFA HI), announced today that it has secured financing of US$115 million for its Fairmont Palm Jumeirah hotel project structured and arranged by Standard Chartered Bank. The agreement, which speaks to reemerging confidence in the Dubai real estate development sector, will allow IFA Hotels & Resorts to expedite the project’s completion to Q1 2012.

Talal Jassim Al-Bahar, Vice Chairman and CEO of IFA HR stated: “We are pleased to announce our second agreement with Standard Chartered Bank. The agreement not only demonstrated the strengthening of our relationship with the bank and is therefore great news for our company, for our investors and for the Fairmont Palm Jumeirah hotel, but will also have a positive impact on the UAE real estate industry as a whole.”

The announcement comes as a surprise to an industry that has been told debt funding was largely unavailable. In fact, less than two months ago, executives at the Reuters Middle East Investment Summit agreed that financing for real estate projects in the country had all but dried up, stating that they didn’t see major real estate lending by banks happening anytime soon. IFA HR’s US$115 million deal could indicate a faster recovery for the sector than expected.

Joe Sita, President of IFA HI, which leads IFA HR’s acquisitions and oversees its operational hospitality assets, continued, “This is the first new foreign-bank funding for a Dubai hotel real estate development we have seen in a very long time. It is evidence of renewed confidence in the region and the industry and confirmation of ongoing confidence in the IFA Group and its projects on the Palm Jumeirah.”

In fact, the Palm Jumeirah has provided much of the company’s news this year with the successful launch of IFA HR’s 562 luxury residences, which are adjacent to the Fairmont Palm Jumeirah, and its recent announcement regarding the signing of international brands to its prestigious Golden Mile retail development.

Sita added, “As the largest foreign investor on the Palm Jumeirah we have been committed to realising Dubai’s vision for the island as the pre-eminent location in Dubai since our initial investment in 2003. We have a huge footprint across the trunk as well as a 200,000 sqm plot on the crescent where we are building the Kingdom of Sheba. The company has been integral to the island’s development and we look forward to contributing even further with the completion of the Fairmont Palm Jumeirah hotel.”

IFA HR’s record of producing successful mixed-use developments in the world’s most sought-after destinations played a pivotal role in its ability to secure the US$115 million loan financing at a time where there is a dearth of debt funding available in markets across the globe.

Paul Jurie, Standard Chartered Global Head of Alternative Investments, said: “Banks like ours are being judicious about arranging financings; we will only back projects, and ultimately companies, in which we believe all the necessary fundamentals are in place for a successful outcome. The Fairmont Palm Jumeirah hotel is already well underway and is backed by a customer with a successful track record, both in the region and in other parts of the world. This is the second loan we have facilitated for the Group with the first being a US$165.9 million loan to finance The River by Thai developer Raimon Land, in which IFA HR is a major stakeholder. This comes as part of Standard Chartered’s approach to deepen its client relationships through an in-depth understanding of their business and requirements. This approach has enabled us to be there for our clients and fill the gap that other banks have left in the market throughout the crisis.”

Globally, IFA Hotels & Resorts has developed a distinguished portfolio of award-winning luxury resorts, from its multi-award winning Pine Cliffs resort in the Portuguese Algarve to the newly opened Fairmont Zimbali Resort in South Africa.

Chris Cahill, President, Fairmont Hotels & Resorts and COO, Fairmont Raffles Hotels International, said: “We are extremely pleased with the news that another one of our projects with IFA Hotels & Resorts is moving ahead as planned. We look forward to adding the elegance of the Fairmont Palm Jumeirah to our distinctive collection in early 2012.”

The property will be the fifth project IFA HR has completed on the trunk of the iconic island, following The Palm Residence (Al Nabat & Al Haseer); the Al Shalal Beach Club; Golden Mile, Palm Jumeriah and The Residences (North & South). Construction is also well underway on the Kingdom of Sheba, which is situated on the Palm’s crescent adjacent to Atlantis. Off the island, the company is also putting the finishing touches on Laguna Tower Dubai – a mixed-use tower that includes the Mövenpick Hotel & Residence Jumeirah Lakes Towers, hotel condominiums, a private residence club and loft and duplex apartments.

Al-Bahar concluded: “News that’s good for the country, the sector, its companies and its investors is news worth celebrating. This is also a part of our company’s legacy. As we move more and more of our assets from construction to completion we leave behind iconic developments, such as those on the Palm, which will shape Dubai’s hotel and residential market beyond the current economy and well into the future.”


IFA Hotels & Resorts is a leader in real estate development, specialising in premium mixed-use hotel and tourism resort projects throughout the Middle East, Europe, Africa, Asia, North America and the Indian Ocean region. IFA Hotels & Resorts offers exclusive branded residential, resort and hotel properties in exotic locations, with sound appreciating investment opportunities including hotel condominiums, vacation clubs and private residence clubs. IFA Hotel & Resorts’ current portfolio consists of 42 projects in total, of which 20 are hotels, with 13,750 keys across 12 countries in four continents. http://www.blogger.com/goog_1485906054


Standard Chartered – leading the way in Asia, Africa and the Middle East

Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years.

With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank’s heritage and values are expressed in its brand promise, ‘Here for good’.

For more information on Standard Chartered, please visit http://www.standardchartered.com/  

Abu Dhabi National Hotels to add 8 new hotels, more than 750 hotel rooms across UAE

Dubai, May 5th, 2009: UAE hospitality group Abu Dhabi National Hotels is moving ahead with its aggressive expansion strategy, adding more than 750 hotel rooms to its portfolio by the end of 2009. The group, which owns, manages and operates hotels and resorts across the country and has interests in tourism, transportation and catering, is confident in the UAE’s continued business opportunity.

The expansion will see three new ADNH properties open in the second half of 2009: The 450-room Jumeirah Beach Sofitel Hotel, the 64-suite luxurious Al Diar Hotel Apartments - Al Barsha, and the 78-suite Siji Hotel Apartments residence in Fujairah.

ADNH is also developing three signature five-star hotels in Abu Dhabi: the JW Marriott Resort and Spa, the 314-room Park Hyatt Hotel and Villas, and the Capital Centre Hotel. The three luxury hotels are located in some of the capital’s most strategic business and tourist areas, including the ‘Between the Bridges’ district across from the Sheikh Zayed Grand Mosque, in Saadiyat Island and adjacent to the Abu Dhabi National Exhibition Centre.

The company will develop two new YOTEL hotels in Abu Dhabi, introducing the revolutionary European hotel brand to the region. YOTEL hotels feature premium cabins in flexible configurations at affordable prices and unusual locations. YOTELs around the world, for example, are often located within secure airport transit lounges.


HE Saif Mohamed Al Hajeri, Chairman of ADNH, said, “Abu Dhabi and the UAE continue to offer unrivalled opportunities for the world and the region, and as the trendsetter in the region’s hospitality sector, ADNH is committed to acting quickly and decisively to expand its portfolio and driving the market forward at all times.”

His Excellency praised the Abu Dhabi Tourism Authority’s efforts to promote the capital internationally as the region's hub for business and tourism. The ADTA strategy, he explained, has helped double the number of inbound visitors to the capital in the last few years, translating into gains for the industry and the larger economy.

“ADNH has experienced a remarkable growth of business in the last quarter of 2008 and first four months of 2009, counter to the global downward trend. This is a strong indicator of the emirate’s resilience and the efforts of the ADTA,” he added.

The Abu Dhabi National Hotels group is participating at the Arabian Travel Market, which will be held from May 5-8 at the Dubai International Convention and Exhibition Centre. ADNH will showcase its four subsidiaries – the Al Diar Hotel Group, Al Ghazal Tours, Al Ghazal Transport and ADNH/Compass – and its own international hotels under the Abu Dhabi Tourism Authority umbrella.

Armani Hotels & Resorts exhibits at the Arabian Travel Market 2009

Dubai, UAE; May 5, 2009: Armani Hotels & Resorts, a collaboration between Emaar Properties PJSC and Giorgio Armani S.p.A, will showcase the flagship Armani Hotel Dubai at its pavilion at the prestigious Arabian Travel Market (ATM) 2009 in Dubai from 5 to 8 May 2009.

Located in the iconic Burj Dubai, the world’s tallest building, construction of the Armani Hotel Dubai is progressing according to plan, with completion scheduled before the end of 2009.

Bringing to life the “Stay with Armani” lifestyle, Armani Hotel Dubai will feature 160 luxuriously appointed guest rooms and suites that have been, along with the entire hotel, personally designed by Giorgio Armani, one of the foremost fashion icons in the world. The opening of the hotel will mark the official debut of Giorgio Armani in the world of hospitality.

Giorgio Armani said: “Armani Hotel Dubai is a passionate project for me. I have been fascinated by the evolution of Dubai, and Burj Dubai will be an iconic building of the city.”

He added: “With the hotel, I am bringing the “Stay with Armani” promise to reality. I have been personally involved in all aspects of the hotel’s design and every component has been carefully conceived to create an exquisite and intimate lifestyle experience.”

Exclusively located from Concourse to Level 8, and on Levels 38 and 39 of the iconic Burj Dubai, the hotel will have a dedicated “Grand Entrance”, and will introduce several firsts to the region, including the highly sought-after Armani/Spa, which will be the world’s first ever in-hotel Armani/Spa. It will feature the Middle East’s first Armani/Privé – the hip and upmarket nightclub – and also house an Armani/Fiori floral shop, an Armani/Dolci shop and an Armani/Galleria.

“Armani Hotel Dubai will be an icon for the global hospitality industry – both in terms of its inimitable location and the personal involvement in all aspects of design by Giorgio Armani himself,” said Mohamed Alabbar, Chairman, Emaar Properties. “The opening of this world-first hospitality initiative is another testimony to Dubai’s ability to implement innovative projects through international collaborations.”

Alabbar added that Armani Hotel Dubai builds further on the strong tradition of hospitality in the region. “Hospitality is the driving force of tourism, and with Armani Hotel Dubai we are confident of developing a new niche in the global tourism sector.”

With its unparalleled diversity of choices, the hotel will define new standards in hospitality services, and will be differentiated by Giorgio Armani’s personal touch in its design and décor. The hotel will be further complemented by the Armani Residences Dubai, also located in Burj Dubai, which were launched to strong international investor response.

The hotel will be home to the finest food and beverage choices, including authentic Italian, Japanese and Mediterranean cuisine, and a modern Indian restaurant. With emphasis on the highest service standards, Armani Hotel Dubai will include 24-hour in-room dining and in-residence entertainment, and round-the-clock valet services and access to the Business Centre.

Additionally, the hotel will offer Armani/Events, a specialized events service that builds on Dubai’s global standing as a conference and meetings destination. Under this initiative the Armani Hotel Dubai will offer 30,000 sq ft of conference and banqueting facilities – including the Armani/Ballroom and the Armani/Pavilion, a spacious outdoor area for up to 350 guests. The hotel will also have multi-function meeting rooms, dedicated boardrooms and flexible meeting lounges.

The Armani Hotel Dubai was the first hotel to be announced under the exclusive collaboration between Emaar Properties and Giorgio Armani S.p.A to launch a collection of hotels, resorts and residences across key cities worldwide.

Other projects announced include the Armani Residences in Dubai, also in Burj Dubai; the Armani Hotel in Milan, Italy; a resort in Marrakech, Morocco, and the Armani Residences in Marassi, Egypt, which is the first villa offering under the Armani Residences umbrella.

Emirates Standing Strong at Arabian Travel Market

DUBAI, U.A.E., 4th May 2009 – Emirates, the Official Carrier of the 2009 Arabian Travel Market (ATM), will mark 16 years as a loyal participant and supporter of ATM, as it opens its stand to trade representatives from across the globe on Tuesday.

Ahmed Khoory, Senior Vice President - Commercial Operations, Gulf, Middle East and Iran, said: “Emirates is a longstanding supporter of ATM, one of the industry's leading travel and tourism exhibitions. Like Emirates' route network, ATM unites key players from six continents and it is important that we play a role in the meetings, business, seminars, networking and relationship building that the ATM is well known for.

“While the travel industry may have slowed, Emirates continues to push ahead. We are actively seeking growth opportunities and putting in place building blocks for future development. Tourism is an integral part of Dubai, and the ATM is a great platform to showcase the city’s infrastructure, as well as the thriving and diverse travel services available in the marketplace. We look forward to seeing what this year’s ATM has to offer.”

Once again taking pride of place within ATM will be the eye-catching Emirates Globe. At 9.5 metres high and with a circumference of 65 metres, this mammoth rotating structure has been rejuvenated with some impressive new display features.

Showcasing some of the Emirates Group’s most exciting new developments the stand will encompass exceptional displays of the world-renowned luxury Al Maha Desert Resort & Spa which is celebrating its tenth anniversary this year. The stand will also feature Emirates’ second conservation-based resort, Wolgan Valley Resort & Spa which is scheduled for soft opening this October in Australia’s Blue Mountains.

“The Emirates Globe continues to be a standout exhibit at ATM. It has been carefully constructed to reflect Emirates commitment to quality and service. This year we have once again worked hard to ensure the stand is equipped to handle the plethora of visitors it has continued to experienced since the stand was first displayed in 2007,” added Khoory.

The Emirates Globe, located in Hall 3 Stand No., UAE 2600 is fully equipped and will house private meeting and conference rooms as well as full catering facilities. The top floor of the stand will also provide a large VIP area and majlis for hosting guests. An array of audio and visual displays supplement this gigantic exhibit, the result of 22,000 hours of exhaustive creative and technical work. And of course, friendly Emirates cabin crew will be at hand to assist visitors, together with staff from throughout the Emirates family.

Visitors to the stand will also have the opportunity to sample the industry-leading First Class Suites currently onboard Emirates' 777-200LR, 777-300ER and A380 aircraft in a specially recreated cabin area. Due to its popularity, the stand will also continue to take visitors around the world in 30 minutes as the entire three-story structure slowly rotates a full 360 degrees.

Visitors to the stand will be able to find out more information on the following new Emirates initiatives:

Emirates Holidays
Emirates Holidays, the tour-operating arm of Emirates airline, has recently unveiled its A World of Choice 2009-2010 brochure. For the first time its extensive range of exciting holidays to over 120 destinations across the world has been consolidated into one comprehensive, easy to use format. All holiday options can now be found within one bumper edition.

In addition, there will be also a dedicated brochure on the UAE, tailored editions for Russia, Mediterranean regions, Saudi Arabia and Iran. Plus, an Arabic language brochure for exclusive distribution in the Middle East and Arabic speaking parts of Africa.

Emirates Hotels & Resorts
This year Emirates' highly-decorated conservation-based resort, Al Maha, is celebrating its 10th anniversary. When it was opened in Dubai in 1999, it set the benchmark for future environmentally sympathetic developments. Emirates has a great deal to be proud of with this facility, which is located within the 225 km2 Dubai Desert Conservation Reserve (DDCR), and it continues to be extremely popular with discerning travellers today.

In addition, the Wolgan Valley Resort & Spa in the Blue Mountains outside Sydney, is set for its soft opening in October. The Wolgan Valley, on Australia's Great Dividing Range, forms the centrepiece for unique experiences and insights into Australia’s wildlife, history and cultural heritage. Surrounded by two National Parks, this resort offers the ultimate in seclusion, comfort and guest-focused services. The resort boasts 40 individual villas surrounded by private decks, each with its own swimming pool.

Arabian Adventures
Arabian Adventures, the leading destination management company in the Middle East, is tapping into the huge potential presented by the emerging Chinese tourist market with the launch of its tailored brochure, Dubai & Abu Dhabi.

For the first time a comprehensive, tailored brochure is made available for Chinese travellers. The 24-page brochure written in Mandarin reflects the increasing importance of the Chinese tourist segment to the UAE. Featuring information on Dubai and Abu Dhabi as well as hotels and tours overview in both, it aims to communicate the diversity of accommodation options and experiences that make these two destinations attractive. With the brochure, Arabian Adventures hopes to further grow its business in the country and encourage more Chinese tourists to visit the UAE.

Dnata Holidays
Dnata Holidays will also be promoting their 2009/10 brochure, which will follow last year's very popular format but with the addition of extra hotels and destinations.

EmQuest
EmQuest provides electronic distribution products and services to the travel industry, connecting suppliers with resellers and giving them a platform to exchange content and trade with one another. EmQuest manages a large network of brands, content and services that are designed to meet the needs of tour operators, travel agents, car rental companies, hotels and airlines throughout the Middle East and Africa. In January this year EmQuest migrated its existing customers to the Sabre system and has been responsible for launching this GDS within five key African markets including; South Africa, Kenya, Tanzania, Uganda and Zambia.

During this year's ATM, EmQuest will showcase a variety of new products and technologies including; Sabre Traveller Security and Data Suite (TSDS), NetCheck and SabreVirtually.

Khoory added, “Arabian Travel Market is not just an annual event, but an integral part of the travel and tourism industry. It not only allows us to showcase the diversity of travel offerings in this unique emirate but also reinforces Dubai’s status as a world class destination and business hub. As the largest aviation and travel services player in the region, Emirates is proud to play a major role in the success of ATM.”