THE Bahrain Hotels Company (BHC), which owns the Gulf Hotel, is to open an
$8 million (BD3 million) international resort in Zanzibar this month, it was revealed.
The Ocean Paradise Resort, BHC's first international managed venture, will have a soft opening on April 1, said board chairman Farouk Almoayyed.
The company’s net profit dropped by 28.3 per cent to BD1,854,942 last year, he told BHC’s annual general meeting
at the Gulf International Convention and Exhibition Centre. This was largely due to the Iraq war and the Sars crisis. BHC's gross operating revenue was BD14,030,097, reflecting a shortfall of 1.8 per cent compared to 2002.
On the company's future prospects, Almoayyed said BD3.5 million was being invested for a 15-storey service apartment complex.
“The building beside the South Wing will house over 100 fully furnished apartments consisting of one, two and three bedrooms, with kitchen area and other facilities,” he added. “The project is expected to be completed in early 2006.”
On the Zanzibar resort, Buzizi said BHC was an equity holder with management contract in the project. “The resort features 100 chalets with swimming pools and restaurants,” he said. “We are currently concentrating our efforts to manage more hotels outside Bahrain.”
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