Business | Investment
Zabeel buys 50% stake in US hospitality group
Zabeel Investments, a Dubai-based diversified investment group, yesterday said it had acquired a 50 per cent stake in leading US hospitality development and management company The Light Group.
- Staff Report
- Published: 01:15 February 21, 2008
Dubai: Zabeel Investments, a Dubai-based diversified investment group, yesterday said it had acquired a 50 per cent stake in leading US hospitality development and management company The Light Group.
"This partnership marks the first foray into the US market by the fast-growing investment house," a Zabeel statement said.
"The partnership unites the experience and innovation of the Las Vegas-based Light Group with the ambition and expertise of Zabeel Investments, delivering a distinct offering to both the US and UAE hospitality and entertainment sectors, as well as markets further afield," it said.
"The partnership continues the existing relationship between Dubai and CityCenter in Las Vegas, where the Light Group will manage The Harmon Hotel, Spa & Residences, a property owned and under development by CityCenter Holdings, a joint venture of MGM Mirage and Dubai World. Additionally, Dubai World holds a significant stake in MGM Mirage."
More than $3 trillion (Dh11 trillion) will be invested in Arab leisure and tourism industry, according to a recent Global Futures report, thus allowing airport capacity for an additional 300 million passengers, more than 200 new hotels, and growing regional visitor numbers to 150 million, all of which are conservative estimates.
Zabeel Investments executive chairman Mohammad Ali Al Hashimi said: "The Light Group is internationally renowned for spearheading exclusive and innovative projects in the US such as The Harmon Hotel. Our goal is to develop the hospitality industry in the UAE and across the region - an aim that encompasses all areas of this sector from food and beverage to hotels and restaurants.
"In addition, The Light Group can tap our UAE hospitality expertise, and evolve that to other developments around the world.
"The Harmon Hotel will be an exclusive, private and environmentally green luxury boutique hotel - it is these concepts and values that synergise so well with our own, and which have made the group one of the most recognised and respected players in its field.
"The acquisition enables us to draw on the experience of The Light Group and transfer its knowledge, its brand of entertainment and innovative concepts and the highest service standards back to the UAE market, which continues to develop and evolve at a remarkable rate. In turn, we intend to support The Light Group as it continues to expand its hotel management, food and beverage, and entertainment portfolio further into key US cities."
Since its launch in February 2006, Zabeel Investments has made significant inroads to the high-end commercial real estate development and management sector in the UAE.
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