KM Properties, the real estate development division of KM Holding, is to launch a dedicated hospitality and leisure management division, Tamani Hotels & Resorts, at ATM.
The group has just launched its first hotel condominiums, at KM Properties’ El Matador Tower in Dubai’s Jumeirah Village.
The announcement comes in the wake of the group’s launch last year of a $2.3 billion Islamic-compliant real estate fund, Tamani CEO Alain Guernier told TTN by email. “The fund has been established to own and develop an international chain of hotels, as well as manage other real estate assets within the residential, commercial and retail sectors. It will also spread investment across various complementary commercial real estate assets worldwide.”
The company’s target region for Tamani Hotels and Resorts will include the Middle East, North Africa and Asia, more specifically targeting the UAE, Kingdom of Saudi Arabia, India, Morocco, Turkey, and Malaysia.
“The new concept hotel chain will include significant elements that have not been addressed or targeted by existing hotel chains. The Islamic-based business model and product proposition which has been created as a result of extensive studies carried out by KM Holding, and supported by retained industry veterans, showed that value could be added without necessarily opting to selling alcohol,” said Guernier.
The chain aims to have between eight and 12 hotels in operation within the next three years or around ten thousand hotel rooms within the next five to eight years, he said. “We want a limited number of properties and want to develop them well. If you grow too quickly you lose control of quality, service, innovation. You have to remain focused and the only way to achieve this is with a deliberate growth pattern. We don’t want to lose sight of why we are developing hotels, but we want to grow in a smart way.”
KM Holding currently has more than 2,000 rooms in six various prime locations within the UAE, which are currently being developed. These properties will be fully managed by Tamani Hotels & Resorts.
Tamani’s first properties will be in Dubai, at the Dubai Marina, followed by Park Lane near the Mall of the Emirates, and at the Business Bay. “Before we start exploring the rest of the world, we should develop in our home base, and that is our intention and business plan,” he said. “Outside of Dubai, we are looking at Abu Dhabi, Doha, Jeddah and Riyadh, and are exploring opportunities for a joint venture with a large construction company in India to develop a three- to four-star star chain of modern style hotels. We are also looking at Malaysia and Indonesia.”
Tamani’s brand value will be to combine ‘business and family value hospitality with a new concept hotel chain’ including three-, four- and five-star properties that are alcohol free as per Islamic principles. Each category will be incorporated within the Tamani brand with a uniqueness of its own and will have a distinctive identity, be it in the name, look and feel so that to target regional and international visitors.
CONDOMINIUMS
Tamani Hotel Condominiums at KM Properties’ El Matador Tower real estate development in Dubai’s Jumeirah Village has just been launched. Floors 20 through to 42 of the 43-storey El Matador Tower are now being offered as hotel condominium units, providing five-star hotel service with all the comforts of home.
“We are offering one-, two- and three-bedroom apartments for sale within the hotel tower, offering guests all the convenience and service of a hotel combined with the space and comfort of a private residence,” explained Guernier. “Tamani Hotel Condominiums at El Matador will offer 22 floors of premium and luxurious accommodation for sophisticated individuals.”
Investors and owners need only to pay a 10 per cent deposit to secure their luxury unit at Tamani Hotel Condominiums at El Matador, with the remaining balance due in easy to pay installments.
Currently under development, with a completion date set for 2009, El Matador Tower offers Spanish-style living in modern studios, apartments and loft-style condos at the master-planned Jumeirah Village development, in the heart of New Dubai.