Bermuda-based group plans to almost double international portfolio
Bermuda-based Mandarin Oriental Group plans to develop five hotel resorts in the Middle East by the end of 2013.
In addition to the group’s resort currently under development at Saadiyat island in Abu Dhabi, Mandarin has plans to manage another four regional hotels.
It is currently assessing potential locations for developing resorts in a number of countries in the Middle East. These include the UAE, Qatar, Bahrain, Saudi Arabia, Oman, and Jordan.
Mandarin’s expansion into the Middle East is part of the group’s plans to almost double its international portfolio in the next three years despite the value of its assets dropping by $1bn from 2008 to 2009.
In February, Mandarin signed an agreement with Abu Dhabi’s Tourism Development & Investment Company (TDIC) to manage the Saadiyat Island resort. It is scheduled to open in 2013 and will have 160 guest rooms, 35 serviced apartments and 50 other residences (MEED 11:2:10).