ALDAR Enters Exclusive Agreement with Taj Hotels Resorts and Palaces
ALDAR Properties, the leading Abu Dhabi-based property developer’s Hotels and Hospitality division signed an exclusive agreement with one of Asia’s largest, premier international hospitality providers Taj Hotels Resorts and Palaces.
The agreement was signed by Mr. Paul Bell, Managing Director, ALDAR Hotels and Hospitality, and Mr. Raymond N. Bickson, Managing Director and Chief Executive Officer of The Indian Hotels Company Limited, which owns and operates 79 Taj Hotels Resorts and Palaces across the world.
The signing took place on the opening day of the Arabian Hotel Investment Conference which included a Summit on India highlighting prime Indian investment deals and projects being undertaken in the Subcontinent as well as Indian brands making an entrance into the Middle East.
“Aligning with leading internationally recognised hospitality brands is part of ALDAR’s strategy to bring high quality investment opportunities to our developments. This agreement signifies ALDAR’s commitment to bring world-class players to our market, and to Abu Dhabi,” commented Ronald Stephen Barrott, CEO of ALDAR Properties.
The exclusive agreement between ALDAR Hotels and Hospitality and Taj Hotels Resorts and Palaces will cover a number of hotel projects. The first hotel to be developed by ALDAR Hotels and Hospitality under the agreement is a five-star, 500 room luxury resort hotel which will be in a spectacular waterfront location on ALDAR’s mega entertainment destination, YAS Island. The hotel will be branded as a ‘Taj Palace’ Hotel on the lines of the elegant, original palace hotels of the Taj and will have facilities and services to match the exceptional location.
Commenting on the agreement Paul Bell, Managing Director, ALDAR Hotels and Hospitality stated, “Signing this agreement after the Summit on India during the Arabian Hotel Investment Conference is significant as it brings together Abu Dhabi’s leading development company with one of India’s foremost luxury international hospitality brands. This Summit on India is a testament to the growing popularity of Indian brands in this region and ALDAR Hotels and Hospitality is delighted to be able to partner with Taj Hotels and Resorts to further our objective of combining world class brands with world class locations “
Raymond Bickson, Managing Director & CEO, Taj Hotels Resorts and Palaces commented, “We are delighted to enter into this strategic exclusive agreement with ALDAR Hotels and Hospitality as they re-define Abu Dhabi’s hospitality landscape. We are looking forward to becoming a part of the phenomenal YAS Island destination and to delivering the Taj brand of service and product to this exceptional project and others in Abu Dhabi. Indian international brands are becoming widely sought after as this Summit on India has revealed, and Taj Hotels Resorts and Palaces is very pleased to be working with leading companies such as Aldar Hotels and Hospitality to develop its brands in the region.” “Today, the UAE, forms part of a strategic group of countries in the Gulf region. Leisure and hospitality in this region is growing exponentially and it is important for the Taj Hotels to be present in this region, which is rapidly morphing into a tourism hub of the future.”
The Arabian Hotel Investment Conference’s Summit is taking place from 3-5 May at Madinat Jumeirah in Dubai.
Photo Caption from left to right:
Paul Bell, Managing Director, ALDAR Hotels and Hospitality and Raymond Bickson, Managing Director & CEO, Taj Hotels Resorts and Palaces signing the exclusive agreement for the Taj Hotels Resorts and Palaces on YAS Island.
About ALDAR Hotels and Hospitality:
ALDAR Hotels and Hospitality is poised to play a major role in the development of the hotel and hospitality sector in Abu Dhabi. It identifies hospitality related opportunities on ALDAR developments and determines best fit brand, partners and business models.
About ALDAR Properties:
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders
ALDAR Properties PJSC is spearheading the development of Abu Dhabi; entrusted to create multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. ALDAR’s vision is to establish Abu Dhabi as the United Arab Emirate’s most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.
Since its inception in 2004 through a share offer (IPO) of AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market, ALDAR has already announced more than USD 65 billion worth of developments. The ALDAR issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion) in demand. ALDAR’s market capitalization is AED 25.8 billion (USD 7.0 billion) as of April 16th 2008.Total retail area across all developments is currently over 1.5 million square meters.
The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.
ALDAR’s first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.
About Taj Hotels Resorts and Palaces:
Established in 1903, Taj Hotels Resorts and Palaces is one of Asia's largest and finest group of hotels, comprising 61 hotels in 42 locations across India with an additional 18 international hotels in the Maldives, Mauritius, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East. From world-renowned landmarks to modern business hotels, idyllic beach resorts to authentic Rajput palaces, each Taj hotel offers an unrivalled fusion of warm Indian hospitality, world-class service and modern luxury. The Taj, a symbol of Indian hospitality, has recently completed the centenary of its landmark hotel, The Taj Mahal Palace and Tower, Mumbai. Taj Hotels Resorts and Palaces is part of the Tata Group, India's premier business house.
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