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Wed 31 Oct 2007 09:22 AM

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Movenpick bags deal to manage Aldar hotels

Agreement includes management of hotel planned for Yas Island in Abu Dhabi.

Movenpick bags deal to manage Aldar hotels
An artists impression of Yas island in Abu Dhabi.

Aldar Properties, which is building Ferrari and Warner Bros Entertainment theme parks, said on Tuesday it had signed an agreement with Switzerland's Movenpick Hotels & Resorts to manage three hotels.

The second-largest real estate developer in the UAE by market value said Movenpick would initially manage a 500-room hotel planned for Yas Island, located off the emirate's shoreline.

The company signed similar management deals with France's Accor and India's Oberoi Group last month for the management of four hotels.

Aldar said last month it was setting up a film and production firm with Warner Bros, a unit of Time Warner, as well as building an associated theme park in the emirate.

The property firm is developing more than $50 billion of real estate projects, mainly in Abu Dhabi, the Middle East's third-largest oil exporter, which is reaping a windfall from a quadrupling of oil prices since 2002.

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