Nakheel has plans for a major expansion with the formation of Nakheel Hotel & Resorts. This new hotel and resort investment company represents Nakheel’s first-ever move outside the United Arab Emirates, and has substantial plans to acquire and develop a dynamic portfolio of properties around the world, commencing in the Middle East, Africa, Asia, Russia and CIS.
The company’s initial investment is US$600 million, across a portfolio of eight hotels and resorts including:
- An 800 unit condo-hotel development - The Trump Hotel & Tower Palm Jumeirah - the first development of Nakheel’s exclusive partnership with The Trump Organisation
- A 200-room hotel featuring luxury serviced residences on The Palm Jumeirah
- A 150-room boutique hotel and spa with 100 private villas and beach condos on The World
- A 400-room hotel and resort in Djibouti
Nakheel Hotel & Resorts will focus on building an exclusive portfolio of leading hotel and resort properties and strengthening Nakheel’s regional and international alliances in the hotel, resort, hospitality and tourism sectors through acquisitions.
The company aims to strategically grow through franchising, acquisitions and development, financing investments through private equity and debt finance sources and by working with other partners and investors.
Announcing the formation of Nakheel Hotel & Resorts, Sultan Ahmed Bin Sulayem, Nakheel Executive Chairman said: “The formation of Nakheel Hotel & Resorts marks an important step forward for our group. Through our developments such as The Palm and The World, we are playing a major role in the transformation of Dubai into a leading 21st Century tourism destination. By capitalising on our expertise and the brand value of the group’s existing assets, the new company will create a conduit of opportunities and further enhance value by taking advantage of new market opportunities on a regional and international basis.”
“Nakheel Hotel & Resorts will bring together some of our most experienced and respected management talent from Dubai and internationally, led by Chief Executive Officer, James Wilson. A seasoned property developer, operator, marketing and brand builder, James Wilson has led the expansion and creation of numerous hotels and resorts across three continents.”