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Valor Hospitality Partners Middle East, a full-service global hotel management company, has formed a joint venture with ICD Hospitality and Leisure, a subsidiary of Investment Corporation of Dubai (ICD), to cover the Middle East market.
Under a long-term arrangement, the new joint venture, Valor Hospitality Partners DMCC, will expand its presence in the Middle East by signing new hotel management agreements with hotel owners. Most of the hotels of the world’s leading hotel groups are franchised, and Valor Hospitality enjoys a preferential position or a close partnership with these hotel groups. The joint venture aims to create more momentum in the industry.
“We are extremely proud and honored to be working with ICD on this highly anticipated agreement following the end of the recent pandemic crisis. Many owners look to franchises for growth and this allows us to further co-develop our properties in the Middle East Third-party management operations platform,” said Euan McGlashan, CEO and Global Co-Founder of Valor Hospitality Partners.
“The timing couldn’t be better, as the hospitality and tourism industry in the Middle East has reached a level of maturity where this model is quickly gaining traction. Franchises are largely standard, enjoying long-standing success in the US and Europe, and owners want more more control and insight into their assets, while it allows hotel brands to scale and grow their footprint faster. We couldn’t have found a better, more respected partner than ICD,” McGlashan continued.
A spokesperson for the ICD said: “We are delighted to be partnering with Valor Hospitality on this business to welcome an innovative global organization that believes in and invests in the UAE. Deployed by experienced local experts. Dubai tourism has shown resilience, especially during the past two years of the pandemic. This could be a good time to further diversify the hotel industry and adjust the way hotel assets are managed to create more value in the tourism industry opportunity.”
“With Dubai’s reputation as a leading tourism hub, launching Valor Middle East here in 2018 made sense as we intend to bring creative and innovative solutions to the region, making it the first global No. tripartite operator,” said Julien Bergue, co-founder and managing partner of Valor Hospitality Partners Middle East.
“The joint venture with ICD will help us contribute to His Excellency Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai’s ‘Dubai Vision 2040’, promoting Developments in the hospitality sector, tourism investment and innovation follow Dubai’s continued popularity as a top global destination,” concluded Bergue. – TradeArabia News Service
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