ID :
11461
Sat, 07/05/2008 - 09:17
Auther :
Shortlink :
https://oananews.org//node/11461
The shortlink copeid
Nakheel breaks ground on W Bangkok
Bangkok, July 5, 2008 (WAM) - Nakheel Hotels broke ground this week on its W Bangkok hotel development, the firm's latest project in Southeast Asia.
The 400-room property, to be managed by Starwood Hotels & Resorts, is expected
to open at the end of 2010, the company said in a statement yesterday. The
hospitality arm of property giant Nakheel has a US$40 million (Dh146m)
investment in the development, which is a joint venture with Thailand-based
Golden Land Property Development.
"We plan to roll out 30 branded budget-hotels in the next three to five
years. We are really focused on this particular market. We see many
opportunities for growth in Southeast Asia at both ends of the market in the
luxury and budget segments," Joe Sita, Chief Executive of Nakheel Hotels,
told Emirates Business.
Nakheel Hotels has also partnered with Thai developer Amburaya Resorts to
develop the W Retreat and Residences in Koh Samui, Thailand, and has a joint
venture in a fund to develop budget hotels – called Tune – in the Asean
region. The company has also announced developments in Indonesia and
Malaysia, and is looking at the Philippines, Sita said.
Nakheel Hotels already has significant investments in the budget hotel
sector, holding the master franchise rights for easyHotels.com in the Mena
region, with the first hotels under development in Dubai. Sita said that
Nakheel Hotels' projects in Southeast Asia make up seven per cent of its
investment portfolio. The company is currently managing investments in
excess of US$3.5 billion. The W Bangkok will be the first centre-city W
Hotel in Southeast Asia, forming a major part of Golden Land Property's
Sathorn Square mixed-use development in Bangkok's business district, Nakheel
said in the statement. The development will also include a 70,000 square
metre Grade A office tower with boutiques and shops, the statement said. –
National Media Council - UAE
P.O. Box 3790, Abu Dhabi
United Arab Emirates
Tel: 00971 4452 922; Fax: 00971 2 4450 458
Email: info@extinfo.gov.ae
Website: http://www.uaeinteract.com
For up the minute news please visit: http://www.wam.ae
The 400-room property, to be managed by Starwood Hotels & Resorts, is expected
to open at the end of 2010, the company said in a statement yesterday. The
hospitality arm of property giant Nakheel has a US$40 million (Dh146m)
investment in the development, which is a joint venture with Thailand-based
Golden Land Property Development.
"We plan to roll out 30 branded budget-hotels in the next three to five
years. We are really focused on this particular market. We see many
opportunities for growth in Southeast Asia at both ends of the market in the
luxury and budget segments," Joe Sita, Chief Executive of Nakheel Hotels,
told Emirates Business.
Nakheel Hotels has also partnered with Thai developer Amburaya Resorts to
develop the W Retreat and Residences in Koh Samui, Thailand, and has a joint
venture in a fund to develop budget hotels – called Tune – in the Asean
region. The company has also announced developments in Indonesia and
Malaysia, and is looking at the Philippines, Sita said.
Nakheel Hotels already has significant investments in the budget hotel
sector, holding the master franchise rights for easyHotels.com in the Mena
region, with the first hotels under development in Dubai. Sita said that
Nakheel Hotels' projects in Southeast Asia make up seven per cent of its
investment portfolio. The company is currently managing investments in
excess of US$3.5 billion. The W Bangkok will be the first centre-city W
Hotel in Southeast Asia, forming a major part of Golden Land Property's
Sathorn Square mixed-use development in Bangkok's business district, Nakheel
said in the statement. The development will also include a 70,000 square
metre Grade A office tower with boutiques and shops, the statement said. –
National Media Council - UAE
P.O. Box 3790, Abu Dhabi
United Arab Emirates
Tel: 00971 4452 922; Fax: 00971 2 4450 458
Email: info@extinfo.gov.ae
Website: http://www.uaeinteract.com
For up the minute news please visit: http://www.wam.ae
