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Thu 2 Oct 2008 01:00 PM

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Kharafi plans $130mn Libya resort project

Kuwait company's scheme will feature Holiday Inn hotel, due to open in 2011.

Kharafi plans $130mn Libya resort project
RESORT PLAN: Holiday Inn will manage the Tripoli resort planned by Kuwaits Kharafi Group.

Kuwait’s M A Kharafi Group plans to enter the Libyan hotel market with a new $130 million resort in Tripoli.

The resort will be managed by Holiday Inn, an InterContinental Hotels Group-owned brand and will be developed by Sovereign Hospitality Holdings, a unit of Kharafi, according to a statement on the London Stock Exchange.

“The development will feature the four-star Holiday Inn Tripoli Hotel, as well as real estate opportunities, and is due to open in 2011,” the statement said.

Gulf investors are pouring as it opens up to foreign investment after years of isolation. Developers including Dubai’s Emaar Properties, Qatar-based Barwa Real Estate and Bahrain’s Tameer have all announced plans to enter the African state.

In addition to the 252-room Holiday Inn property, 100 villas and apartments serviced by  Holiday Inn will  be available for  both long  and short  term  occupancy.

"This will be the first Holiday Inn to enter Libya, highlighting the country's growing demand for quality accommodation,” said John Bamsey, chief operating officer, InterContinental Hotels Group.

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