Friday, November 22

LuLu Group strikes Switzerland hotel deal

Dubai-based Lulu Group which is owned by an Indian business tycoon has announced its entry into mainland Europe after a new agreement with a Switzerland-based real estate company to develop a new four-star hotel in the Swiss city of Zurich.

Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi based LuLu Group International, said on Friday that it has entered into a forward purchase contract with Necron AG for the upcoming IntercityHotel Zurich Airport in Rmlang municipality of Zurich.

The company said its new purpose-built, 260-room hotel, set to open in 2020 and will be located close to Rmlang station and offer good transport links, including access to Zurich International Airport in 10 minutes and the city centre in 15 minutes.

“We are excited to mark our entry into mainland Europe with our first property in Zurich. It is an important milestone in our group’s portfolio as we work towards becoming a billion-dollar investment firm by 2020,” said Adeeb Ahamed, Managing Director of T14H.

The latest hotel joins a portfolio of USD 750-million worth of luxury property across the UK, the Middle East, and India led by T14H, the hospitality investment arm of LuLu Group, headed by Indian-origin businessman Yusaffali MA.

In the UK, the group owns the Waldorf Astoria Edinburgh, The Caledonian in Scotland and has struck a 110-million pounds agreement with property developer Galliard Homes to create a luxurious five-star hotel at 1-5 Great Scotland Yard, the former headquarters of Metropolitan Police in London.

The new Swiss property will include meeting and event spaces, a restaurant, an indoor fitness centre, and spa area as well as underground and outdoor parking facilities.

It will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract and is the first of many development projects planned by Necron AG’s in cooperation with Deutsche Hospitality.

“This is an exciting hotel development and we are delighted to be working in partnership with both Twenty14 Holdings and Deutsche Hospitality. We very much hope this is the start of a successful long-term partnership with both,” said Gerard van Liempt, CEO, Necron AG.

The companies involved said the design of the property will be based on the new Intercity Hotels Matteo Thun design standards, and keeping in mind business travellers and tourists, the property will feature modern guestrooms and public spaces.

Thomas Willms, the CEO, Deutsche Hospitality, added, “The IntercityHotel Zurich Airport launches our brand in Switzerland and adds a highly attractive location to the portfolio.

“This hotel is symbolic of our growing international presence at strategically important locations and we are delighted to have such a reliable partner as the Twenty14 Holdings on our side.” 

Twenty14 Holdings said the new hotel is its second property to be operated by Deutsche Hospitality.

The German hospitality firm currently operates T14H’s Steigenberger Hotel Business Bay in Dubai.