Developer to deliver Kuwait's first Novotel
Action Hotel spending $41.3mn on 160-room freehold property in Sharq
Action Hotels has announced that it has signed an agreement with hotels giant Accor which will see it create a $41.3mn hotel in Kuwait set to be the site of the country's first Novotel-branded property.
The 160-room freehold hotel will be built within the Sharq business district of Kuwait City. Work will start on the hotel during the first quarter of 2015 and is due for completion in 2017.
Action Hotels, which is a specialist in developing Middle East hotel properties, said that this property will bring its room count to more than 2,660. It is targeting to have 5,000 in its portfolio by 2020.
The hotel will cost $29mn to build, on top of the $12.3mn already paid to secure the land for the project. It is now looking at funding options for the project, including locally-sourced, long term bank debt.
Chairman Sheikh Mubarak A.M. Al-Sabah said: "We are pleased to partner with Accor for the development of Kuwait's first Novotel. This is a great addition to our growing portfolio of economy and mid-market hotels in the Middle East."