The 50:50 venture will build a new five-star hotel on Beirut’s corniche and construct the shopping centre and apartment complex in Beirut’s Verdun district.
Designs for the new hotel are more advanced than those for the shopping mall and feature a high-rise, 300-room hotel with an adjoining conference centre capable of holding 1,000 people. Construction is expected to begin in the second half of 2004. The developers are holding discussions with a number of hotel groups about managing the facility.
The second project involves the construction of a mixed retail and residential development. The initial plans are for a two-storey shopping mall with about 50,000 square metres of shop space available for lease to retailers. There are also plans for a residential development above the mall.