International hotel and real estate developer IFA Hotels & Resorts has joined forces with Kuwait-based Tijaria to launch their first-ever vacation club business. The USD$50million joint venture brings together two significant hospitality forces in the Middle East. IFA Hotels & Resorts’ global holdings include properties ranging from the cutting-edge YOTEL brand to hotels and mixed-use developments operated by Fairmont, Mövenpick, Four Seasons and Sheraton. Tijaria’s holdings include the stunning Hotel Missioni and Symphony Hotels in Kuwait.
Fast-growing international developer IFA Hotels & Resorts has scored another major coup with news that it has closed a financing and acquisition deal valued at US$315 million for its YOTEL New York property, the largest hotel opening in the Big Apple this year.
Shrewd international investments in award-winning properties have helped IFA Hotels & Resorts weather the global hospitality downturn. The Kuwait-based hotel group, which holds stakes in a string of luxury resorts ranging from Zimbali and Legends in South Africa to Golden Mile Palm Jumeirah in Dubai, has posted annual profits of US$108m (KD30.8m).
IFA Hotels & Resorts has strengthened its interests in South Africa by acquiring a further 5.25% in Boschendal Limited, increasing its stake to 37.33%.
Breaking Travel News interviews Patrick Smith, IFA Hotels & Resorts at Arabian Travel Investment Conference 2008, Dubai.
IFA Hotels & Resorts (IFA HR) are opening its second YOTEL hotel in the United Kingdom, with 32 stylish cabins at Heathrow Airport Terminal 4, following the initial opening at Gatwick earlier this year.
IFA Hotels & Resorts (IFA HR) is entering into the wildlifehospitality market in South Africa by acquiring a 50% stake in a Joint VentureCompany formed for the purpose of acquiring the Legend Golf & Safari Resortdevelopment (Legend).
In its maiden annual results following a listing on the JSE in February, IFA Hotels & Resorts Limited (IFA SA) has outperformed expectations and achieved significant growth.
IFA Hotels & Resorts has appointed Fairmont to manage The Palm Golden Mile and their two shoreline buildings, Al Nabat and Al Haseer, IFA HR’s residential projects, located on the trunk of The Palm, Jumeirah.