Five Holdings drops Viceroy hotel brand in UAE
Five Holdings, formerly known has SKAI Holdings, has dropped the Viceroy brand from its hotel projects in the UAE, according to a company statement on Tuesday
Five Holdings, formerly known has SKAI Holdings, has dropped the Viceroy brand from its hotel projects in the UAE, according to a company statement on Tuesday.
The real estate and hospitality group has established its own hospitality subsidiary called FIVE Hotels and Resorts that will operate four hotels and residences in Dubai by 2020, according to Reuters.
In effect, the $1.17bn Viceroy Palm Jumeirah Dubai will be renamed FIVE Palm Jumeirah Dubai while the Viceroy Dubai Jumeirah Village project has also be rebranded to FIVE Jumeirah Village Dubai.
Reasons for the termination of agreement were not given, though the company added that a formal brand launch is scheduled for October.
Last month, Five Holdings launched a real estate investment trust (REIT) worth $570m (AED2.10bn), which is the region's largest, and the first to focus on the hospitality sector.
The REIT will be regulated by the Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority (FSRA) and will include all current and future projects “subject to compliance with regulatory requirements".
The company changed its name from SKAI Holding earlier this month in an updated brand identity to reflect a corporate philosophy inspired by five elements: earth, air, fire, water, and consciousness.