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Jumeirah Will Open a Hotel in London
Jumeirah Group, which is best known by its iconic Burj Al Arab hotel in Dubai, will manage a hotel in London. The company has just signed the agreement with Kuwaiti consortium concerning the managing of residential apartments located on Park Lane, London. Jumeirah plans to convert the existing property into a luxurious hotel with apartments for long stay named Grosvenor House Apartments by Jumeirah Group. The renewed property may start operating already in the beginning of 2012.
The building of the new hotel was built in 1920s. It contains 133 apartments, studios, and large penthouses with 5 bedrooms. The owner of this building is Park Lane Properties Limited, which is owned by several companies like Stehwaz Holding Company or The Investment Dar. All of them are a part of Kuwaiti consortium.
The opening of this property fits the global strategy of Jumeirah Group – to double its portfolio by the middle of 2012. The company, which is owned by the ruler of Dubai, has already opened Jumeirah hotel in Frankfurt and Jumeirah at Etihad Towers hotel in Abu Dhabi. New hotels in Mallorca, Baku, Kuwait, the Maldives, and Dubai are expected to be opened in the nearest future. The company also sees potential in opening a hotel in Russia as luxury travelling is getting more popular in this country.
According to the company’s top management, Jumeirah is in a good state and has no sufficient debts. Due to its asset-light strategy the company is in strong position and seeks for new management contracts.
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