The recent launch of the $40 million Holiday Inn Express Bahrain, the kingdom's first limited service hotel, is indicative of the growing opportunities in the kingdom for the travel and tourism sector over the coming decade, said officials. The investment has been made by Dubai International Capital, the international private equity arm of Dubai Holding, through its majority owned vehicle Ishraq Gulf Real Estate Holding Company.
Located on the Exhibition Road, the 274-room hotel is close to Bahrain International Airport as well as the King Fahad Causeway, Bahrain Financial Harbour, key diplomatic facilities and shopping centres. 'Bahrain has been and continues to be an attractive tourism and hospitality market,' said Ishraq Gulf Real Estate Holding Company chairman and Dubai International Capital managing director Maissan Jalal Al Maskati.
'In fact, our decision to make such a substantial investment was driven by our long-term confidence in the market's historically healthy occupancy levels and hotel rates, coupled with a sophisticated consumer base that demands a high-quality limited-service product. 'Further to the launch of four Holiday Inn Express hotels in Dubai, we are now delighted to be here and to have chosen Bahrain to launch our fifth and newest location,' he said. 'We look forward to building on this success and continuing to evaluate new investment opportunities in Bahrain in the future,' he added.