Qatar's Katara Hospitality, the global hotel investor, developer, owner and operator, has announced major steps forward in the 12 months since its rebrand and has its eye on 60 property openings by 2030.
“Our new brand was launched last year as a platform for growth,” said Hamad Abdulla Al-Mulla, CEO of Katara Hospitality. "Our goal is to own 30 properties by 2016, with another 30 in place by 2030. Over the last twelve months, we have made important steps forward towards those targets.”
Following the signing of a Memorandum of Understanding with Barwa Real Estate in May last year, Katara Hospitality has recently completed the acquisition of Somerset West Bay Doha. This is the first operational property out of three assets to be acquired under the agreement.
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With 200 two- and three-bedroom fully serviced apartments, Somerset West Bay Doha represents the company’s first venture into the niche market of serviced residences. It also marks Katara Hospitality‘s first partnership with Singapore-based Ascott Limited, one of the world's largest international serviced residence operators.
Aligned to its strategy of global expansion, Katara Hospitality signed partnership agreements with the governments of The Republic of The Gambia and the Republic of the Maldives. Through these agreements, Katara Hospitality commits to developing properties in prime locations.
“When investing in emerging markets, we believe that our effort coupled with the right vision can aid in developing future ultra luxury destinations.” added Al Mulla.
Worldwide, Katara Hospitality has continued development work on new and refurbished hotel properties in France, Switzerland and Italy, with new properties adding 500 keys on track for opening in 2013.
The group's portfolio of operational properties has grown to 13 hotels, partnering with 11 international hotel management companies.
“Today, Katara Hospitality is a company worth more than USD 50 billion, with more than 6,000 rooms operating or under development, across eleven international markets,” added Al-Mulla.
Katara’s expansion plans will be launched at Arabian Travel Market 2013, which is running in Dubai until 9 May 2013, at Sheikh Saeed Arena Hall, Dubai International Convention and Exhibition Centre (DICEC).
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