RIYADH, 21 April 2005 — The Kingdom Hotel Investments (KHI) has announced a $200 million capital infusion with IFA in the proposed Fairmont Palm Hotel & Resort in Dubai’s Palm Island Jumeirah.
“We are excited to enhance our presence in the continuously growing and dynamic market in Dubai. This development project marks another milestone in the aggressive expansion of KHI in the region and will further strengthen our successful relationship with IFA Hotels & Resorts,” Prince Alwaleed ibn Talal, KHI chairman, said.
The investment, which is KHI’s fourth in Dubai, was announced last year at the Arabian travel market, during which the strategic alliance between KHI, IFA and Fairmont was unveiled. The project will be developed by IFA and the hotel will be managed by Fairmont, one of the most prominent international luxury hotel management companies under the name of Fairmont Palm Hotel & Resort.
The proposed hotel, expected to open during the first quarter of 2008, is strategically located on the stem of Palm Island and enjoys unrestricted views of the seas and the Jumeirah Beach area. The hotel will have 400 guest rooms, six food and beverage outlets, approximately 1, 300 sq. meters of meeting space, 2,700 sq. m. of Willowstream Spa and a wide variety of recreational facilities.
Jassem Al-Bahar, IFA chairman, said,” We are delighted to extend our successful relationship with KHI through this joint venture as well as adding a distinguished brand as Fairmont to our international hotel portfolio.”