IFA Hotels & Resorts to develop US$ 450 mln property in Seychelles

IFA Hotels & Resorts, the Kuwait-based international hotel and real estate developer, has announced a joint venture with Indian Ocean Resorts Ltd (IOR) to develop a luxury hotel, residences and village marina on the 480-acre island of Ste Anne in the Seychelles. The development will be named ‘Zilwa’, which means ‘islander’ in the local Creole language.

“Seychelles was a natural choice for our next development. It offers everything that owners and guests could ever want – seclusion, beautiful beaches, azure waters, five star service and a reputation for exclusivity and luxury,” said Talal Jassim Al-Bahar, Chairman and Managing Director, IFA HR.

Zilwa will be a USD 450 mln mixed-use development, covering the whole island of Ste Anne, and will include premium beach front ocean villas, secluded hillside villas, luxury marina apartments, exquisite penthouses and a private residence club. The marina will offer boating enthusiasts a stunning centrepiece of activity, while several infinity pools, a world-renown spa and a sophisticated beach club will provide those looking to ‘get away from it all’ the perfect retreat.

Ste Anne island is a 10-minute boat or helicopter ride from the international airport on the main island of Mahé. It is also close enough to the capital Victoria on the main island.

IFA Hotels & Resorts is a specialist in resort development and the company enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, appointed to manage some of its developments both in South Africa and in Dubai.

IFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over USD 1 bln. The company also listed on the Johannesburg Stock Exchange with plans to list on other major exchanges in the future. In January 2007, the company invested in listed Thai developer Raimon Land that includes properties in Pattaya, Phuket andBangkok.

·Globally, IFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), Istithmar (UAE), United Investments (Portugal), a strategic alliance with RCI (part of the Cendant’s Group), Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd. (South Africa), Raimon Land (Thailand) and most recently Ohlthaver & List (Namibia).

·In Dubai, IFA Hotels & Resorts is the largest investor on The Palm Jumeirah with the Fairmont Palm Hotel & Resort, the Fairmont Palm Residence, the Palm Residence shoreline residential buildings, the Palm Golden Mile development, Kingdom of Sheba on the Crescent of The Palm Jumeirah comprising residences, a hotel, vacation club, private residence club and a souq (retail plaza) – all to be managed by Fairmont.

·Also in Dubai is Laguna Tower, a 40 storey hotel-residence located in the Jumeirah Lake Towers, next to the Dubai Marina, managed by Mövenpick.

Projects in Lebanon include the Alabadiyah Hills retreat in Bhamdoun to be managed by Kempinski Hotels, and an investment in the Four Seasons Hotel Beirut.

Properties in Portugal include the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort, part of Starwood’s Luxury Collection.

·In the South African resorts of Zimbali Coastal and Zimbali Lakes, IFA HR owns a 50% share in the luxurious resort, a 700 hectare prime residential and resort estate located on the north coast of KwaZulu-Natal. Zimbali Lodge is a wholly-owned exclusive resort managed by Sun International Limited. The Fairmont Zimbali is a new hotel key resort, with a unique portfolio of freehold properties to be managed by Fairmont Hotels, while the Boschendal Limited is mixed-use resort development at an historic Cape Estate.

·IFA Hotels & Resorts is a shareholder in five Lonrho Hotels in Kenya, while the Mövenpick Resort & Spa – Zanzibar is located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, managed by Mövenpick Hotels.

In Namibia IFA HR formed a joint venture with Ohlthaver & List and introduced Kempinski Hotels to operate all four of the joint venture hotel properties within the Namib Sun Portfolio.

In the U.K., IFA HR is the majority investor in the two YOTEL hotels in Heathrow and Gatwick.