MÖVENPICK Hotels & Resorts has signed an agreement with IFA Hotels & Resorts to introduce a five-star branded hotel residence in Dubai.
Billed the first independent hotel investment project in the Middle East, the Mövenpick Hotel & Residence Laguna Tower Dubai is the brand’s eighth hotel in the emirate. It is scheduled to open in 2008 and offers a total of 120 hotel rooms as well as additional 296 suites and apartments.
Investors in the suites and apartments can purchase a fully fitted, fully furnished room or apartment that will yield a guaranteed return of eight per cent and may be used free of charge for 30 days annually in the first three years. After the first three years, individual investors will receive an annual profit share equal to 50 per cent of room revenue.
The 40-storey tower is sited in upscale Jumeirah and will have a business centre, state of the art meeting facilities, fitness centre, swimming pool and whirlpool, a multi-storey car park as well as a variety of retail boutiques with trademark Mövenpick cuisine served in variety of themed restaurants. “The venture with IFA Hotels & Resorts is an honour for us and offers great potential for the future,” says Andreas Mattmüller, senior vice-president Middle East Mövenpick Hotels & Resorts.