LuLu Group strikes Switzerland hotel deal

LuLu Group strikes Switzerland hotel deal
LuLu Group strikes Switzerland hotel deal

Indian business group LuLu, headquartered in Abu Dhabi, recently made its European entry with a hospitality deal in Zurich. The LuLu Group has announced its entry into mainland Europe with a new agreement with a Switzerland-based real estate company to develop a new four-star hotel in the Swiss city of Zurich. Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi based LuLu Group International, said that it has entered into a forward purchase contract with Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang municipality of Zurich. The company said its new purpose-built, 260-room hotel, set to open in 2020, will be located close to Rümlang station and offer good transport links, including access to Zurich International Airport in 10 minutes and the city centre in 15 minutes. “We are excited to mark our entry into mainland Europe with our first property in Zurich. It is an important milestone in our group's portfolio as we work towards becoming a billion-dollar investment firm by 2020,” said Adeeb Ahamed, Managing Director of T14H. The latest hotel joins a portfolio of $750-million worth of luxury property across the UK, the Middle East, and India led by T14H, the hospitality investment arm of LuLu Group, headed by Indian-origin businessman Yusaffali M.A. In the UK, the group owns the Waldorf Astoria Edinburgh, The Caledonian in Scotland and has struck a £110-million agreement with property developer Galliard Homes to create a luxurious five-star hotel at 1-5 Great Scotland Yard, the former headquarters of Metropolitan Police in London. The new Swiss property will include meeting and event spaces, a restaurant, an indoor fitness centre, and spa area as well as underground and outdoor parking facilities. It will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract and is the first of many development projects planned by Necron AG's in cooperation with Deutsche Hospitality. “This is an exciting hotel development and we are delighted to be working in partnership with both Twenty14 Holdings and Deutsche Hospitality. We very much hope this is the start of a successful long-term partnership with both,” said Gerard van Liempt, CEO, Necron AG. The companies involved said the design of the property will be based on the new Intercity Hotels Matteo Thun design standards, and keeping in mind business travellers and tourists, the property will feature modern guestrooms and public spaces. Thomas Willms, CEO, Deutsche Hospitality, added: “The IntercityHotel Zurich Airport launches our brand in Switzerland and adds a highly attractive location to the portfolio. “This hotel is symbolic of our growing international presence at strategically important locations and we are delighted to have such a reliable partner as the Twenty14 Holdings on our side.” Twenty14 Holdings said the new hotel is its second property to be operated by Deutsche Hospitality. The German hospitality firm currently operates T14H's Steigenberger Hotel Business Bay in Dubai. Twenty14 Holdings is the hospitality investment arm of LuLu Group International, founded in 2014 to capitalize on the growth in the global hospitality industry. The company currently has assets worth more than $750m spread across Europe, Middle East, and India. In Europe, the group owns the historic Waldorf Astoria Edinburgh - The Caledonian in Scotland and has also made a £110m agreement with property developer Galliard Homes to create a luxurious five-star hotel at 1-5 Great Scotland Yard, the former headquarters of London's Metropolitan Police. The firm co-owns the landmark Sheraton Oman Hotel in Muscat, a 230 room five-star architectural marvel, which was re-opened in 2016. The company also owns the Steigenberger Hotel Business Bay in Dubai and three properties in India. Deutsche Hospitality brings together four separate hotel brands under a single umbrella. Steigenberger Hotels and Resorts has 60 hotels housed in historic traditional buildings and lively city residences and also offers health and beauty oases set at the very heart of nature. MAXX by Steigenberger - is a new and charismatic concept which places the focus on the essential in accordance with its motto “MAXXimize your stay”. Jaz in the City branded hotels reflect the metropolitan lifestyle and draw upon the local music and cultural scene. And IntercityHotel offers 40 upper mid-range urban hotels, all of which are located within an easy walking distance of railway stations or airports. A further 30 hotels are currently at the development stage. This means that the Deutsche Hospitality portfolio currently encompasses a total of over 130 hotels on three continents. The hotel is the first of many development projects planned by Necron AG's in cooperation with Deutsche Hospitality. Necron AG (Necron) is a Swiss-based real estate Development and Investment company with a focus on commercial real estate in Switzerland, Netherlands, and Germany. Necron's strategy is to secure plots and or buildings for the development of Hotels, Offices, secured storage, and commercial buildings. Necron is currently working on the development of four hotels for the Deutsche Hospitality Group.

Related Stories

No stories found.

Podcast

No stories found.

Defence bulletin

No stories found.

The power of the quad

No stories found.

Videos

No stories found.

Women Leaders

No stories found.
India Global Business
www.indiaglobalbusiness.com