ID :
20978
Wed, 09/24/2008 - 14:13
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https://oananews.org//node/20978
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Mubadala acquires 50% stake in Kor Hotel Group
Abu Dhabi, Sept. 24, 2008 (WAM) -- California-based Kor Hotel Group and Mubadala Development Company (Mubadala), a business development and investment company headquartered in Abu Dhabi, announced the formation of a strategic partnership through Mubadala's acquisition of fifty-percent of Kor Hotel Group.
The agreement will focus on aggressive global expansion of The Tides and Viceroy brands in key gateway cities and top resort destinations.
"Kor's Viceroy and Tides brands have a reputation for fine luxury, avant-garde design, and intuitive service which align perfectly with our vision. This partnership signifies a new chapter in an exciting story for Viceroy and Tides?we believe they are poised for tremendous growth globally," commented Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala.
"This contributes to Mubadala's Real Estate and Hospitality strategy that is supporting the economic diversification efforts that are underway in Abu Dhabi," he concluded.
Kor Hotel Group becomes an important addition to Mubadala's Real Estate and Hospitality portfolio as its first investment in the hospitality sector. Kor will increase its presence in the Middle East, North Africa and Asia under the partnership, with premier business and resort developments planned to open in Abu Dhabi by 2012.
"We share Mubadala's commitment and long-term vision for growth and we are delighted to take the next step in a very bright future for our hotel and resort business," said Brad Korzen, Chief Executive Officer of Kor Hotel Group.
"Mubadala's relationships with world-class developers and international capital partners, coupled with Kor's expertise in hotel development, design and management, will facilitate our expansion efforts. We could not have asked for a stronger partner."
The agreement will focus on aggressive global expansion of The Tides and Viceroy brands in key gateway cities and top resort destinations.
"Kor's Viceroy and Tides brands have a reputation for fine luxury, avant-garde design, and intuitive service which align perfectly with our vision. This partnership signifies a new chapter in an exciting story for Viceroy and Tides?we believe they are poised for tremendous growth globally," commented Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala.
"This contributes to Mubadala's Real Estate and Hospitality strategy that is supporting the economic diversification efforts that are underway in Abu Dhabi," he concluded.
Kor Hotel Group becomes an important addition to Mubadala's Real Estate and Hospitality portfolio as its first investment in the hospitality sector. Kor will increase its presence in the Middle East, North Africa and Asia under the partnership, with premier business and resort developments planned to open in Abu Dhabi by 2012.
"We share Mubadala's commitment and long-term vision for growth and we are delighted to take the next step in a very bright future for our hotel and resort business," said Brad Korzen, Chief Executive Officer of Kor Hotel Group.
"Mubadala's relationships with world-class developers and international capital partners, coupled with Kor's expertise in hotel development, design and management, will facilitate our expansion efforts. We could not have asked for a stronger partner."
