Bahrain Bay adds Marriott hotel to $2.5bn project
Manama company showcases progress at MIPIM event in Cannes, France
Bahrain Bay announced on Tuesday that Khaleej Capita has started construction of the 50-storey JW Marriott Bahrain Hotel in the heart of the $2.5bn Manama master development.
Designed by Yousif Al Sayegh, architect of the Six Senses Hideaway in Oman, the five star hotel will be the fifth JW Marriott property in the region, and will comprise a total of 274 rooms and 120 residences. It will also sit adjacent to Bahrain Financial Harbour and opposite the diplomatic quarter.
Developers behind the $2.5bn Bahrain Bay master project say it is progressing steadily, with 65% of its land parcels sold and construction work already underway on the CIH tower, Al Baraka Bank HQ and the Four Seasons Hotel. The combined current committed value of construction activity in Bahrain Bay exceeds $660m, a fact they're highlighting during this week's annual MIPIM trade event in France.
“The news that Bahrain Bay has secured a further two luxury hotels marks an exciting start to 2012,” said Abdulla Al Doseri, Deputy CEO of Bahrain Bay. “In addition to the beneficial fiscal effects of these developments, they also represent a very positive statement of confidence in the country as a business destination.”
The Bahrain Economic Board has predicted that the country’s economy will expand at around 4%in 2012, following better than expected growth in the final quarter of 2011.
Bahrain Bay CEO Robert Lee added, “MIPIM is a truly international market place, and this year we expect investors who have, in the past, focused on their domestic markets, to begin to look further afield to other regions with strategic potential and we’re well placed to capture this attention. The outlook for both Bahrain Bay and wider Bahrain economy is bright.”