Business | Tourism
Mubadala buys 50% of Kor group
Mubadala Development Company said yesterday it had acquired a 50 per cent stake in the US-based Kor Hotel Group for an unspecified sum and has also signed a strategic partnership with the group.
- By Himendra Mohan Kumar, Staff Report
- Published: 13:40 September 23, 2008
Abu Dhabi: Mubadala Development Company said yesterday it had acquired a 50 per cent stake in the US-based Kor Hotel Group for an unspecified sum and has also signed a strategic partnership with the group.
This is the Abu Dhabi company's first foray into the hospitality sector.
"The financial information relating to our partnership with Kor Hotel Group is proprietary information," a Mubadala spokesperson told Gulf News in an e-mail when asked about the size of deal.
"This investment is Mubadala's first endeavour in the hospitality sector and falls in line with its overall hospitality strategy of creating an international world class hotel operator of upscale luxury hotels, resorts, and branded residences, operating locally in Abu Dhabi and internationally," the spokesperson added.
A Mubadala statement said the agreement will focus on aggressive global expansion of The Tides and Viceroy brands in key cities and top resort destinations around the world.
"Locally, this strategic partnership with Kor Hotel Group will allow Mubadala to contribute to diversifying the Abu Dhabi economy towards the service sector.
"It will also contribute to establishing Abu Dhabi as a global capital city, while also creating employment opportunities and industry expertise in the local market," said the Mubadala spokesperson.
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