Country Club India Buys UAE’s Chelsea Hotel for Dh165m

May 30, 2008	(Be the first to rate this story!)  Loading ...
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India’s largest leisure and infrastructure company, yesterday announced the takeover of Dubai-based luxury hotel, Chelsea Hotel for Dh165 million.

Following the takeover, which could mark the beginning of large-scale participation by Indian hospitality industry majors in Dubai’s booming hospitality sector, Chelsea Hotel was re-christened The Country Club Hotel.

CCIL’s buyout of Chelsea Hotel marks its first step towards global expansion. Dubai, with its strategic location, would house CCIL’s international headquarters. Additionally, through acquisitions and joint ventures, CCIL will set up similar club facilities in other parts of the UAE and the Middle East region.

Rajiv Reddy, Chairman, Country Club (India) Limited, said: “Being one of the most dynamic cities in the world, Dubai is truly a melting pot of different cultures and it is the ideal location for businesses intending to cater to an international audience. Moreover, with a visionary like His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, in charge with a clear mandate for promoting tourism, the hospitality sector in Dubai shows a lot of promise. Similarly, we see immense potential for tourism growth in the entire region.”

Elaborating on CCIL’s expansion plans he added: “The acquisition of Chelsea Hotel is just a significant part of our Dh1 billion strategic expansion plan. In fact there have been several important acquisitions by CCIL in the recent past, which have kept us on a high growth curve. These acquisitions running into Dh175 million over a period of four months, saw CCIL take over properties in cities such as Mumbai, Chennai, Pune, Delhi, Kochi, Kolkata, Ahmedabad, Vadodara and Surat. Additionally, we have identified Mauritius, Singapore, Malaysia, Poland, and other European countries for our global expansion,” he added.

News Published Under:   Real Estate India, Hotel Industry in India |

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