Lebanon Real Estate Newsletter Vol. 3, Issue 10 - October, 2007

Malia Holding and Rotana Hotels have signed a partnership agreement for the launching of a five star hotel in the city of Erbil, located in the Iraqi Kurdistan region.

This $55 million project will be owned Malia Group and managed by Rotana. It will be built on a plot of 20,000 m² and it will include 205 rooms as well as luxury amenities such as restaurants, a fitness center a swimming pool, and other recreational facilities.

The hotel is expected to be operational in October 2009, with occupancy rates to exceed 80 percent.

This project is the first in a series of projects to be launched by Hotel Line, the tourism investment company affiliated with Malia Holding is controlled by the Sarraf family and is chaired by Jacques Sarraf.

Its other activities are varied and include manufacturing and trading of pharmaceuticals, cosmetics, fragrances, tobacco, food, and other consumer products. It also holds interests in real estate, engineering, information technology retailing, and other business.

Rotana, a UAE-based company, is controlled by the Noueiss family and is chaired by Nasser Noueiss. It is managed by Salim Zyr, a Lebanese national. It currently manages 25 properties in the Middle East and has 29 others in the pipeline. It also has alliances with a number of hospitality groups in Europe.