TNI and CHI Hotels & Resorts celebrate the signing of Ramada © brand at the Mafraq Hotel today
Abu Dhabi, UAE, 1 July 2008: The National Investor (TNI), one of the region’s leading merchant banks, recently held a signing ceremony between Ramada © representatives, Malta-based CHI Hotels & Resorts and Mainland Investment LLC, a wholly owned subsidiary of TNI.
The signing marked the start of technical services and a 10 year agreement for the management of the renovated and extended Mafraq Hotel in Abu Dhabi, and was the first property to be signed under the Ramada © brand in the emirate. The hotel has currently 121 rooms, and will be re-launched as a 250 room Ramada Abu Dhabi Mafraq hotel in early 2010.
TNI Chief Executive Officer, Orhan Osmansoy said: “Today marks another important milestone for the TNI property portfolio; we are very happy to be involved with CHI Hotels & Resorts, a reputable firm with over 45 years of experience in delivering high quality service to hotel guests.”
“This new property fits perfectly in our current and long term expansion plans for this region” said Corinthia Hotels International, Vice President- Development, Paul Pisani.
“Our joint venture with the Wyndham Hotel Group for the operation of the well established Wyndham and Ramada brands in Europe, Middle East and Africa, together with the upscale Corinthia brand, is proving to be the perfect catalyst for our management company to expand its operation in both established and new destinations. In the last year alone, the JV has enabled us to increase our portfolio by no less than six prime properties in destinations such as Algiers, Dubai, Egypt, England, Morocco and Romania.” Concluded CHI Hotels and Resorts chief executive officer and managing director Tony Potter.
The Ramada Abu Dhabi Mafraq hotel is located ten minutes from Abu Dhabi International Airport and is within easy reach of the main golf courses and racing track in Abu Dhabi.
TNI UAE Blue Chip Fund:
About The National Investor: The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises six strategic business units covering investment banking, private equity, asset management, real estate, principal investments, and investment research. In addition, the firm has an associate company, Gulf National Securities Centre (GNSC), which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM), the Dubai Financial Market (DFM), and Dubai International Financial Exchange (DIFX).