MANAMA: With the GCC’s hospitality and hotel industry continue to attract foreign investments, Shaza Hotels plans a brand new property in Bahrain with estimated cost of $130m to $150m, according to a senior official of the company.
Addressing the media round table at Ritz Carlton Hotel Bahrain, Sanjiv Malhotra, Executive Vice President Shaza Hotels, said the Bahrain project was being finalised and soon the investors would be able to announce the details confirming that the property will be located in the Financial District Seef.
Mr. Malhotra, who was joined by Amjad Ershaidat, Area General Manager for Shaza Hotels & General Manager of Shaza Makkah and Shafik Alaaeddine, General Manager, Mysk by Shaza, Al Mouj, Muscat, said that Bahrain needs a property especially at a time when Bahrain is establishing its position as a tourism hub within the GCC.
“We have already secured 13 hotels with estimated capacity of 2500 rooms,” said Mr Malhotra, adding that the hydrocarbon based economies are feeling more pressure of the low oil prices.
“The investors are still keeping the hotel investment as a better option compared with other alternatives for example, the average life of hotel asset is 30 to 40 years,” he said.
Backed by the well reputed investors across the region, Shaza Hotels is working on ambitious expansion plan with opening of four new hotels in Makkah, Doha, Salalah and Muscat in 2017.
He also highlighted the rationale behind the 4-star concept of Mysk by Shaza, the luxury 4-star hotel brand operated by Shaza Hotels, and the upcoming opening of the first Mysk by Shaza in Al Mouj, Muscat, Oman.
“All our agreements for new member hotels are tailor made and formulated according to the individual needs of each business. Our management contracts are designed to provide our owners with the essential operational expertise necessary for establishing and preserving the long-term profitability of their investment.
“Our owners have no operational responsibilities and enjoy a hassle-free property investment. At the same time, as an owner, you will retain benefits such as cash flow, depreciation, deductions, tax benefits, value enhancement, refinancing opportunities, and ownership of the property after the contract expires.
“Essentially a Shaza owner signs into a full package of benefits: Operational expertise and management know-how, strong distribution channels, increasing brand recognition and the five star reputation of the global Kempinski brand.
Shaza means fragrance. A fragrance carried on the Eastern wind bearing news of an East revived. The East was a place where cultures and discoveries were traded, blended, shared. Discoveries such as pepper, saffron and yes, fragrance. Shaza Hotels is a celebration of this Eastern world. The old through new eyes.
