Dubai Group firm in $250mn hotel deal

zoom

KOP Capital, controlled by the emirate-owned Dubai Group, will buy a 50 percent stake in European hotel chain Stein Group for $250 million, and spend about the same amount on new hotels in Asia.

"We have always wanted to acquire an international chain of hotels and resorts, and were looking for a product that we felt was missing from the market. Stein looked like a good strategic fit," Singapore-based KOP's managing director Leny Suparman told Reuters in an interview on Wednesday.

Stein Group founder David Stein, who remains as chairman and chief executive following the acquisition, said the company will look at buying smaller luxury hotels of up to 85 rooms in big Asian cities such as Singapore, Beijing, Tokyo and Hong Kong.

The firm owns 15 small luxury hotels in European cities including in London, Monte Carlo as well as in Tuscany. (Reuters)

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM