Business | Tourism
Al Futtaim and Marriott to set up Vacation Club
Al Futtaim Group and Marriott International yesterday said they will establish Marriott Vacation Club at the Dubai Festival City - the first Marriott Vacation Club resort in the Middle East - and the largest outside North America.
- Staff Report
- Published: 23:50 April 20, 2008
Dubai: Al Futtaim Group and Marriott International yesterday said they will establish Marriott Vacation Club at the Dubai Festival City - the first Marriott Vacation Club resort in the Middle East - and the largest outside North America.
Omar Al Futtaim, CEO of Al Futtaim Group and J.W. Marriott Jr, chairman and CEO of Marriott International Inc.,on Sunday signed a joint venture agreement to launch Marriott Vacation Club, Dubai Festival City.
"This is a landmark agreement to be signed in the UAE by heads of globally respected, family-led institutions, with combined experience of more than 160 years," Al Futtaim Group said in a statement.
"It is also the first significant equity investment in a hospitality development in Dubai by a US-based global hospitality brand and the only equity based Joint Venture entered into by Al Futtaim with a hospitality group at Dubai Festival City."
Equal stakes
Dubai Festival City LLC and Marriott Vacation Club International (MVCI) will hold equal stakes in this new venture.
Omar Al Futtaim said, "This partnership is the realisation of a vision and ideals backed by long-term performance, and Dubai Festival City is a natural choice for this timeshare resort which matches our established brand values."
The proposed 320 two-bedroom and three-bedroom unit resort will be located in Al Futtaim Group Real Estate-developed Dubai Festival City's elegantly chic, bustling waterfront urban community, already recognised as a market leader which captures the ground breaking 21st century spirit of Dubai.
The timeshare resort will be constructed in four phases along the Dubai Creek and will be designed, built, and operated in a manner consistent with the world-class architectural standards and service levels within Dubai Festival City.
Marriott said, "The Middle East traditions and culture have always generated interest among people all over the world and, at Marriott, we are delighted to be able to provide a window to this culture through Marriott Vacation Club, Dubai Festival City. By collaborating with the widely respected Al Futtaim Group, we are confident this resort will deliver the standards of excellence in value and hospitality for which Marriott is recognised."
Owners of timeshare weeks will be eligible to exchange their week at other Marriott Vacation Club resorts around the world.
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