Shaza gains Barwa backing
Barwa Real Estate Company, through its global arm Barwa International, announced an increase in its capital commitment to its partnership with Guidance Financial Group and Kempinski Hotels that is aimed at establishing Shaza Hotels as a leading lifestyle hotel brand in the Middle East and
The capital increase to more than 2.5 times Barwa’s original commitment is aimed at giving the partnership the capacity to develop projects worth $500 million.
Barwa International is working with Shaza Hotels on some of its leading hotel developments including in
Michel Novatin, chief executive officer of Shaza Hotels and former COO of Kempinski Hotels said, “Barwa’s strong backing since the early days of Shaza Hotels has provided us with the most solid foundation for building an innovative, world class hotel company that is finely attuned to the new trends of the hospitality market.”