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Valor Hospitality Partners Middle East, a full-service global hotel management firm, has entered into a joint venture with ICD Hospitality and Leisure, a subsidiary of Dubai Investment Corporation (ICD), a Dubai-based investment firm for the Middle East market.
Under a long-term arrangement, a 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 under franchising, and Valor Hospitality has priority status or has established close partnerships with these hotel groups, and the joint venture aims to create more industry momentum in the region.
“We are very proud and honored to partner with ICD on this much-anticipated agreement on the back end of the recent pandemic crisis. Many owners are looking to grow through the franchise, which allows us to further develop our co-development 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 hotel and tourism industry in the Middle East has reached a stage of maturity where this model can quickly gain traction. Franchising is largely standard and has a long history and success in the US and Europe , owners want more control and insight over their assets, while it allows hotel brands to scale and expand their footprint faster. We couldn’t find a better and more respected partner than ICD, ‘ McGlashan continued.
An ICD spokesperson said: “We are delighted to partner with Valor Hospitality on this joint venture to welcome innovative global organisations that believe in and invest in the UAE. Valor brings global knowledge of business models, developed by companies with Deployed by local experts with practical experience. The Dubai tourism industry has shown resilience, especially during the pandemic in the past two years. This could be a good way to further diversify the hotel industry, adjust the way hotel assets are managed, and create more value in the tourism industry opportunity.”
“With Dubai’s reputation as a leading tourism hub, it makes sense to launch Valor Middle East here in 2018, as we intend to bring creative and innovative solutions to the region, making it the first global No. 1 to enter the market. Three-way 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 the hospitality sector by contributing to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s ‘Dubai Vision 2040’ development, tourism investment and innovation as Dubai continues to gain popularity as a top global destination,” concluded Bergue. – TradeArabia News Service
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