Abu Dhabi: Twenty14 Holdings, the hospitality arm of Lulu Group International, said it is hoping to at least double its global portfolio over the next three to five years, with plans for growth in Europe and North America.
In a phone interview with Gulf News, Adeeb Ahmad, managing director of Twenty14, said the company was eyeing New York only in the North American market, but is yet to work on projects there.
“We’re also looking keenly into the India market because the group entity is also expanding in India in terms of its shopping malls and retail presence. We’re looking into Far Eastern markets such as Malaysia or Indonesia as well,” he said.
Ahmad added that the company is currently looking at two projects in India, with the deals expected to be finalised over the next three to four months, but said details would be disclosed once the deals are completed.
On Sunday, Twenty14 Holdings announced the acquisition of the Great Scotland Yard in London in a £110 million (Dh626.3 million) deal, with plans to use the property to develop a five-star hotel.
“We’re looking at other parts of Europe that would have good touristic attractions and a good business model built around the property. We don’t have an agenda on whether we want to go to Paris, or Germany, or Switzerland; it all depends on what area and at what price the property will come at,” he said.
Twenty14 Holdings is the newly setup hospitality arm of the Lulu Group. The entity has over Dh1 billion worth of assets in the Middle East, UK, and India.
The company’s portfolio includes the newly-acquired property at Dubai’s Business Bay area, set to open in October 2015, along with joint ownership of the Sheraton Oman Hotel in Muscat.
