ISTITHMAR has signed an agreement with Rezidor SAS Hospitality to manage its luxury hotel in Dubai under the Regent brand.
The Regent hotel – the brand’s first property in the region – will be a key component of Canal Point, Istithmar’s futuristic mixed-use development in Dubai.
The tie marks a milestone in the development of Canal Point, a project comprising a hotel, two residential towers, two office towers, a hospital operated by Thailand’s leading healthcare company Bumrungrad International Limited and a wellness centre, which will include a luxury spa.
The agreement underlines Istithmar’s strategy to own key assets worldwide in the high-end hospitality sector. These will be owned and managed through its wholly-owned subsidiary – Istithmar Hotels.
Joe Sita, CEO, Istithmar Hotels, said: “The brand was chosen due to its Asian origin and its synergy with the Thai-Asian theme of the entire project. The luxury Regent hotel will leverage Rezidor’s extensive management capabilities and benefit from the global strength of Carlson Hotels, the hospitality group operating in association with Rezidor. We look forward to developing similar strategic partnerships worldwide.”
The luxury 80-level hotel will comprise 250 rooms and an equal number of serviced apartments with innovative amenities. With architecture inspired by the lotus flower, the project seeks to set the tone for a new standard of luxury and quality in the high-end segment. The hotel project is currently on the fast track and Istithmar will announce further developments soon. Istithmar’s investment portfolio comprises over 30 companies globally with equity investment in excess of $1.8 billion.