Rezidor eyes 6% growth in Mideast portfolio

Dubai: The Rezidor Hotel Group, based in Brussels, said yesterday the Middle East will account for 17 per cent of its portfolio in 2009, a growth of six per cent from 11 per cent at present, as the company develops new properties in the region.

Currently boasting a portfolio of over 100 hotels, with more than 23,000 rooms under development, the group said it is focusing on the high potential markets of Russia and the Middle East.

The new focus is part of "a revised business model which concentrates more heavily on managed and franchised contracts, and less on financial commitments," it said in statement.

Rezidor's Middle East and Africa portfolio consists of more than 50 hotels comprising 13,000 rooms either in operation or under development.

Currently representing 11 per cent of the group's portfolio of operational hotels, the Middle East's share will grow to 17 per cent by the end of 2009, Rezidor said.

New properties are scheduled in Dubai and Kuwait. In Africa, Rezidor is focusing on industrial hubs such as South Africa, where three new hotels are under development, and in developing countries like Senegal, Nigeria and Ethiopia.

Puneet Chhatwal, chief development officer of Rezidor, said: "Rezidor is one of the fastest growing hotel companies worldwide and our success is based on an organic business development approach. We always follow a solid strategy."