EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG inaugurates the construction of its new 400 rooms 5-star hotel in Hawana Salalah, Oman and thus completing the Group's minimum building obligations for the country in 2020 and securing its land bank.
Altdorf, 25 February 2020 - Orascom Development Holding AG (ODH), through its Omani subsidiary Muriya (a Joint Venture between ODH (70%), and the Oman Tourism Development Company (Omran) (30%)), is pleased to announce the start of construction of its new 400-rooms 5-star hotel in Hawana Salalah, Oman.
The first phase of the hotel, comprising 120 rooms, is expected to be completed before the end of December 2020. Upon completion of the first phase, the Group's minimum building obligations in Oman will be satisfied, thereby securing the land bank. The remaining 280 rooms will be opened during 2021. This new hotel will bring Hawana Salalah's hotel capacity to 1,500 rooms and reiterates ODH's position as the largest private contributor to the development of four and five-star hotels in Oman.
The total investment cost excluding the land is c. CHF 89.0 million (OMR 35.0 million). Partial funding of the hotel will be paid using the proceeds of ODH's CHF 100 million bond that was issued in September 2019 in particular with a view to further developing the destinations in Oman and Montenegro.
The hotel will span over 105,000 m2 of premium beachfront land overlooking the Indian Ocean and will offer 400 deluxe guestrooms and suites with state-of-the-art architecture and interior designs. It will feature a comprehensive range of modern amenities suiting the needs of business and leisure travelers, including families. The hotel will be managed by Orascom Hotels Management (OHM).
Once completed, the hotel complex will make Hawana Salalah the only destination in the Sultanate that offers four very unique hotel and lodging propositions across 1,500 luxury rooms.
Samih Sawiris, Executive Chairman of ODH said: "I am pleased with the development progress in Hawana Salalah over the past six years which now has all the successful components of making it an enticing international touristic destination. We remain committed to make disciplined additions to our portfolio that will further strengthen ODH's story. We will continue to drive growth and act in the best interest for ODH and its stakeholders to enhance shareholder value. The addition of our new 5-star luxury hotel underlines our commitment and plans for further value adding investments in the destination."
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of ODH are listed on the SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the 6th of October City.
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End of ad hoc announcement
|Company:||Orascom Development Holding AG|
|Phone:||+41 41 874 17 17|
|Fax:||+41 41 874 17 07|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||982631|
|End of Announcement||EQS Group News Service|
982631 25-Feb-2020 CET/CEST