GULF Hotel in deal to build luxury apartments

09/11/2015 08:23 AST

Gulf Hotels Group (GHG) has announced the commencement of a new project, entailing a multi-million dinar investment.

The Bahraini home-grown hotel operator said it has signed an agreement appointing Olympic Contracting as the main contractor of the new Gulf Residence Juffair project.

The contract award agreement was signed by GHG board member and chief executive Aqeel Raees and Olympic Contracting Company deputy general manager Mubarak Al Noaimi.

Construction work has already begun and the project is set to be completed in about 22 months.

The Gulf Residence Juffair will feature 108 deluxe serviced apartments of 1, 2 and 3 bedrooms along with food and beverage options and health and recreation facilities.

The property will be the third addition to the Gulf Residence chain of luxury serviced apartments and address the growing residential demand in the area.

Mr Raees said the project was in line with the group's expansion strategy.

The GDN had reported earlier that GHG has signed hotel management agreements with a four-star hotel in Seef and another one in the Manama area, both of which are expected to be operational soon.

The group is also expanding into the stand-alone restaurant business having acquired Block 338 in Adliya Tourism Zone with plans for a multi-unit restaurant and leisure facility, construction of which is expected to start later this year.

The development of the Gulf Residence Amwaj in conjunction with Lona Real Estate is nearing completion and the 173-unit, four-star apartment hotel is expected to open shortly, he added.

The construction of a new spa at the Gulf Hotel is also underway with completion expected in the last quarter.

The biggest new project for the group is the BD50 million Gulf Hotel Business Bay in Dubai set to open in 2017.

Gulf Daily News