The hospitality company Kerzner International, in which Dubai entities own a majority stake, is expanding into Bahrain.
The developer and operator of luxury resorts and hotels has tied up with Bahrain’s Sevens Holding to develop and operate a One&Only resort in Seef, in the outskirts of the capital Manama.
The 150-room property is expected to be ready in 2016. The hotel complex will also have villas and secluded estates with dining and retail spaces. Located on the north-west coast of Bahrain, it will have a private waterfront.
The average occupancy rate at Manama’s hotels was the lowest among the key gateway cities in the Arabian Gulf region in the first four months of the year, according to an EY benchmark survey.
Its hotels had an average occupancy rate of 51 per cent, up from 48 per cent year-on-year. The average room rate was US$207, down 4.4 per cent from last year, also the lowest in the region among Dubai, Abu Dhabi, Doha, Jeddah and Riyadh.
In July, revenue per available room in Manama grew 20 per cent to touch US$72.94, according to the research company STR Global.
Kerzner manages Atlantis the Palm and the One&Only chain, besides a Mazagan beach resort in Morocco. One&Only operates eight resorts around the world, including two in Dubai. It has three more hotels coming up. Its first one in China will be an island retreat in Sanya with 180 rooms. Hotel and villa complexes in Montenegro and Jeddah are also in the pipeline.
In April, Investment Corporation of Dubai bought about 46 per cent of Kerzner for an undisclosed sum. Istithmar World, a subsidiary of Dubai World, owns another 25 per cent.
The investment bank Goldman Sachs and the California property investor Colony Capital hold minority stakes in the company, which was founded by the South African Sol Kerzner almost 40 years ago.
ssahoo@thenational.ae
