Reem Investments said on Sunday it has signed a non-binding letter of intent with Nobu Hospitality to operate and manage a proposed Nobu Hotel in Abu Dhabi.
The luxury Nobu Hotel, a spin-off of the world's most recognised Japanese restaurant brand, will occupy a prime position on Najmat Marina and Canal on Reem Island.
The waterfront hotel will be part of Najmat, a $8 billion, 16 million sq ft real estate development on Reem Island, developed by Reem Investments.
"We look forward to establishing a close working partnership with Nobu Hospitality to create a new focal point for luxury lifestyle and hospitality in Abu Dhabi," said Bambang Sugeng Bin Kajairi, CEO of Reem Investments.
He said the hotel design will maximise the waterfront views of the location, and in addition to the Nobu Restaurant outlets and facilities will include a variety of other restaurants and bars, a spa and gymnasium, private cabanas, retail outlets and full beachfront service.
The completion of the deal with Nobu is subject to a number of conditions, including the finalisation of capital financing and the final approval from Reem Investments' board and the shareholders of Nobu Hospitality.
When completed, Najmat will offer residential, office and retail accommodation while community amenities will include a school, hospital, 166 berth marina, 800 metre canal, two mosques, and parks.
Phase one, including infrastructure construction, is substantially complete and phase two is scheduled to be completed by the end of 2011.
In February, Dhaliliyah, a Saudi Arabian investment and development group, signed agreements with Nobu Hospitality to create a new joint venture company to develop luxury Nobu Hotels and Restaurants within Saudia Arabia and Kuwait.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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