IFA Hotels & Resorts (IFA HR) announced today that it has conducted three share transfers with its joint investment partner Kingdom Hotel Investments (KHI). The two companies transferred minority interests in three of their international and regional properties. These transactions are valued at US$ 15.3 million.
IFA HR has transferred its minority interests in five hotels in Kenya to KHI; in exchange, KHI transferred its minority interest in the existing Fairmont Zanzibar and the Fairmont Palm Hotel & Resort development in Dubai to IFA HR.
Ibrahim Saleh Al-Therban, Chairman of IFA HR, stated “Strategically we’re consolidating our portfolio by taking majority ownership in our properties worldwide. However, we will continue to have close ties with Kingdom Hotel Investments and will look at future opportunities that would benefit both companies.”
As a result, IFA HR now has increased ownership in its Fairmont Zanzibar hotel property as well as its Fairmont Palm Hotel & Resort, where Fairmont Hotels & Resorts is a minority shareholder.
IFA HR is currently present in 14 markets across 4 continents: Kuwait, Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, Tanzania, Namibia, Seychelles, Thailand, Caribbean and New York, with plans to reach new parts of the globe.
Werner Burger, IFA HR President and COO commented “Through these transactions, we are now able to concentrate on our current portfolio and strengthen our presence in our markets.”
About IFA Hotels & Resorts:
IFA Hotels & Resorts is a leader in real estate development, specialising in premier integrated and mixed-use hotel and tourism resort projects throughout the Middle East, Europe, Africa, the Indian Ocean region, Asia and North America.
IFA Hotels & Resorts’ activity in resort development began in the mid 80s with the acquisition and development of Pine Cliffs Resort in the Algarve, Portugal, through United Investments Portugal, which is part of the IFA Consortium.
The grandeur of Pine Cliffs provided the ideal environment for investment in the real estate sector as well as residential homes and resort living, and thus the consortium’s link with the hospitality sector developed. Today, IFA Hotels & Resorts sets the international benchmark for the development of world class integrated real estate development.
A specialist in resort development, IFA Hotels & Resorts enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, Mövenpick Hotels & Resorts, Kempinski Hotels and Sheraton Hotels & Resorts, appointed to manage properties around the world.
IFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over US$ 1 billion. The company also listed on the South African JSE Limited (Johannesburg Stock Exchange) during 2006 with plans to list on other major exchanges in the future. In January 2007, the company invested in listed Thai developer Raimon Land.
Globally, IFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, YOTEL (UK), a strategic alliance with RCI (part of the Cendant’s Group), Tongaat Hulett Developments (South Africa), Boschendal Ltd (South Africa), Raimon Land (Thailand), Ohlthaver & List (Namibia), Indian Ocean Resorts (Seychelles)and most recently Related (United States).
IFA Hotels & Resorts’ current portfolio consists of 44 projects in total, of which 23 are hotels, with a total of 17,000 keys. Assets under management are valued at US$ 11 billion.
The company is present in 14 markets across 4 continents: Kuwait, Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, Zanzibar, Namibia, Seychelles, Thailand, Caribbean and New York, with plans to link its resorts to new parts of the globe. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA Hotels & Resorts’ programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range: residences, hotels, resorts, hotel ownership, fractional ownership, vacation clubs, lifestyle membership clubs, yacht ownership clubs and jet ownership clubs.
This unique product range enables IFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
