|Middle East and North Africa Business
Report, Amman, JordanMcClatchy-Tribune Regional News
January 12, 2010 --Kingdom Hotel Investments ("KHI"), the leading emerging markets hotel investment company, on Monday announced the opening of the Four Seasons Beirut. The hotel, in which KHI has a controlling 38% equity ownership, is expected to cost $146M.
The Four Seasons Beirut is a five-star luxury hotel, located on the corniche in central Beirut and directly opposite the new Solidere marina facilities. The hotel comprises a 120 metre high rise tower with views across the Mediterranean coastline and the mountains. The hotel has over 47,671 square metres of total built up area.
The hotel comprises 230 guest rooms and suites, four food and beverage outlets, a ballroom, a business centre with five meeting rooms and a spa and health club, which includes a rooftop swimming pool.
KHI now has eight Four Seasons hotels operating in our current portfolio across Europe, North Africa, The Middle East and Asia, as well as another set to open in Morocco next year. KHI also owns the Movenpick Beirut, which has seen a strong improvement in trading in the last year.
Mr. Sarmad Zok, Chief Executive Officer of KHI said: "Beirut is a particularly exciting market for us. It has enjoyed a resurgence in travel and continues to be characterized by high barriers to entry. We expect the Four Seasons Beirut to establish itself quickly as the leading hotel in the market and to provide us with returns on capital in line with our targets. We also look forward to completing and opening four additional hotels within the next 24 months in Marrakesh, Accra, the Seychelles and Manila."
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