Action Hotels builds and operates hotels under 10-year to 20-year agreements for Accor SA, which operates the ibis chain.
Action Hotels, the Middle East economy and midscale hotel developer, is expected to soon join Aim, the London Stock Exchange’s international market for smaller growing companies, reports The Telegraph.
Action Hotels currently has five hotels in operation across the Middle East and one in Australia, with a total of 1,004 rooms. The company comes to market having successfully raised £30.5mn (US$ 50mn) for further investment, with its posting on Aim potentially giving the company a market capitalisation of £94.5mn ($155mn).
The group is led by chief executive Alain Debare, and builds and operates hotels under 10-year to 20-year agreements for Accor SA, which operates the ibis chain; InterContinental Hotels Group, which owns Holiday Inn; and Whitbread, the owner of Premier Inn.
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Action has two hotels under construction, in Sharjah in the UAE and Manama in Bahrain. A development plan for six other new hotels includes places such as Brisbane, Australia, Dubai in the UAE, and Sohar in Oman. These new hotels would add a further 1,032 rooms
Institutions that have backed the group include Legal and General, and Schroders.
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