Sovereign Hospitality Holdings to Develop Residential Life-Style Estate
featuring an InterContinental Hotel in Dakar – IHG’s first property in Senegal
InterContinental Hotels Group (IHG) and Sovereign Hospitality Holdings today announced the signing of a definitive management agreement for a 250-room InterContinental Hotel due to open in Dakar in Senegal, Africa by 2010.
Sovereign Hospitality Holdings will invest in excess of US$250million in the development of an extensive and unique residential life-style estate, designed by Quadrisar Architects from Johannesburg, South Africa. The site, which will include the InterContinental Hotel, is set in 30 hectares of prime land in the upmarket suburb of Almadies overlooking the Atlantic Ocean and the grounds will be landscaped throughout to feature parks and walking trails.
On completion the estate will offer 250 rooms, restaurants, conference centre, business centre, spa, swimming pools, ocean swimming platform and 3000m² of commercial and office space for let. State of the art security systems will protect the hotel and development.
John Bamsey, Chief Operating Officer, IHG, Middle East and Africa, commented: “IHG is delighted to once again be working alongside Sovereign Hospitality Holdings in the development of InterContinental Dakar. This will be IHG’s first property in Senegal, highlighting our continued commitment to expanding throughout the Middle East and Africa.
InterContinental Dakar will offer guests a luxurious place to stay, incorporating unrivalled views across the Atlantic Ocean and providing a unique and enriching experience for business and leisure guests alike.”
Mohamed Fahmy, Chief Executive of Sovereign Hospitality Holdings, commented:
“We are delighted to announce an additional management agreement with IHG, following our announcement in May 2008 that IHG will develop an InterContinental Hotel in the heart of Damascus, Syria. This further agreement endorses the quality of our operations as a business partner.
Senegal has in recent years become a financial, economic and transport centre of this part of Africa and we look forward to successfully developing this project in tandem with the prospering region over coming years.”
InterContinental Hotels & Resorts currently has 36 properties and 10,900 rooms in the Middle East and Africa region with a further 11 properties and 3,488 rooms in the development pipeline.
About Sovereign Hospitality Holdings
The M.A. Kharafi Group has created an independent hospitality, tourism and real estate investment company based in Geneva, Switzerland under the name of Sovereign Hospitality Holdings. The new company has regional offices in South Africa and Egypt, and has been launched to expand through strategic acquisitions, financing and developing assets in the Hotel, Real Estate and Tourism Industry worldwide.
Sovereign Hospitality Holdings has seamlessly integrated assets of US$800 million to date and its existing portfolio consists of 21 hotels and resorts with over 4000 rooms which it owns and operates in Egypt, South Africa, The Gambia, Syria, Lebanon and Albania. Further projects are under development in Libya, Senegal, Ethiopia and Mauritania.
Sovereign Hospitality Holdings is looking to expand the geographical reach of its hotel, resort and real estate portfolio globally in both emerging and established markets. This will be achieved through a mixture of organic development and portfolio acquisitions that are financed and thereafter proactively managed. The portfolio is set to increase significantly with the completion of 11 further unique hospitality developments which will encompass some 1,800 additional rooms reaching a total of 5,800 rooms over the next 3 years, totalling 32 hotels in 10 countries.
In addition to owning and managing its hotels, Sovereign Hospitality Holdings has management agreements in place with a number of well regarded hotel management companies including Four Seasons Hotels & Resorts, InterContinental Hotels Group, Hyatt International, Rotana Hotels and Resorts, Starwood Hotels and Resorts and Six Senses Spa. The company continually seeks to form this type of long term strategic alliance which extends Sovereign Hospitality Holdings’ global reach across a range of markets and products.
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