Construction of Range Hospitality’s $175 million Al Rawdatain Residences on schedule
Property to be managed by Shaza Hotels once completed in 2013
Dubai, UAE (February 14, 2012) – Construction of Range Hospitality’s $175 million Al Rawdatain Residences hotel project in Karbala, Iraq is successfully underway. The 12-storey hotel project was launched by the progressive real estate developer during August, 2010. Based in Dubai and Bahrain with offices across the region the company has successfully sold Shariah compliant fractional ownership and is expected to complete the project by the end of 2013.
Designed by Dewan Architects and Engineers, the UAE based firm behind projects such as Yas Hotel in Abu Dhabi and the Baghdad Rotana Hotel, the new hotel with 624 apartments will be the largest five-star hotel and residences in Iraq. It will be managed by Shaza Hotels. It is a 65,000sqm, G+12 hospitality development. The hotel is conveniently located just one kilometre from the holy shrines. Range Hospitality has secured funding from the sale of off-plan Shariah compliant time share over the past 18 months.
Munaf Ali, CEO Range Hospitality, said: “The group always looks for potential markets and we found that Iraq offers a very favorable foreign investment environment making it a lucrative market for investment. Thus finding a gap in luxury accommodation across all spectrums, we went ahead with this large development to cater to over 20 million pilgrims who visit Karbala every year, and face acute shortage of residences. The fully furnished and serviced Al Rawdatain Residences suites will offer 24-hour security, crèche services, business centre, in-suite dining, four restaurants offering a large variety of cuisines and child care facilities.”
Mr. Ali added as the political situation in Iraq is settling, pilgrim numbers are expected to swell and the city’s facilities cannot cater to their needs. “As the religious tourism market was ripe for development, we took the lead and are confident that people will appreciate Range Hospitality’s offering.”
By 2015 Range Hospitality aims to operate both 3-Star and 4-Star hotels in Najaf. The developer has already received a number of inquiries from regional partners to consider joint ventures in Medina. The group also intends to develop and operate a series of hotels in Mecca to cater to the needs of the entire Muslim audience.
About Range Hospitality:
Range Hospitality was founded to develop hospitality projects in emerging markets and areas that benefit from significant volumes of pilgrims. Range Hospitality's ethos is to provide the highest quality of international standard services to its guests and is a socially responsible investor - at all times ensuring its developments adhere to important local customs.