UK: Dubai-based hotel group Rotana will open two properties in Greater London under its Centro economy segment brand.
The first two properties, Centro New Malden and Centro Kingston, will launch as part of a wider agreement to develop up to 1,500 keys over multiple sites across the Greater London region, all under the Centro brand.
Centro New Malden will feature 70 apartments furnished to a four-star hotel standard with fully equipped kitchens and separate living and bedroom areas. Centro Kingston will feature 31 apartments “each designed to maximise space, light and efficiency including smart technology and in-room entertainment”.
Guy Hutchinson, president and CEO of Rotana, said: “This is a fantastic milestone for Rotana, and we are delighted to be partnering with CNM Estates to bring our award-winning hospitality services to the United Kingdom. London remains one of the world’s largest business hubs and a key market for us as we continue expanding our footprint globally. Launching in two vibrant locations in London, both properties will welcome guests to enjoy the diverse offerings of the city while having unique living spaces that provide both finesse and functionality. We look forward to continue building our success story, in line with our mission to deliver ‘Treasured Times’ to our guests across the world.”
Wahid Samady, chairman of CNM Estates, added: “We are excited to be partnering with Rotana, a brand that reflects our dedication to delivering quality and style in each and every project. We are deeply committed to transforming spaces and bringing forward high-quality developments infused with style. We firmly believe that this partnership will provide an elevated living experience that provides comfort and convenience, matched with Rotana’s unparalleled level of hospitality. With the two first projects well underway we have a strong pipeline and are continuing our search for more locations.”
The development of the Centro New Malden is set to commence in July 2023 with the support of a development facility provided by Fairfield Real Estate Finance.
Colliers have been retained by the partners in the UK to provide structuring advice and execution on equity and debt funding on both the specific initial projects and for what is planned to become a platform with assets in excess of £1 billion.
John Knowles, head of national capital markets at Colliers, said: “We are delighted to have the opportunity on this exciting new venture which brings a major new operator to the UK for the first time and creates a new level of product for this growing market sector. Serviced apartments will be an increasingly important component in the UK residential offer and having an operator like Rotana with international scale and expertise is much needed. We already have initial expressions of interest from both UK and International equity investors and debt providers and will be approaching a wider market over the next few months.”
Rotana currently manages a portfolio of more than 100 properties throughout the Middle East, Africa and Turkey.
