Lebanon Businessnews News

Assaha launches second hotel
Major expansion plan in Arab and global markets
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Local hotel and restaurant Assaha is preparing to launch its second branch in Beirut. The hotel will be located on the Airport Road, close to the Higher Islamic Shiite Council.

Jamal Makki, Chairman and CEO of Assaha International Group (AIG), said the hotel will be a ‘conference hotel’ suitable for business travelers. “We have chosen this particular location for our second property because the area is underserved when it comes to hotels,” Makki said. Assaha’s first branch is also located on the Airport Road, near the Al Aytam Station and the Rasoul Al Aazam Mosque.

The new Assaha property is built over a land of 1,500 square meters, with a built-up area of 6,000 square meters parted into six floors. The hotel will host 55 rooms, ten conference halls, and ballrooms for special occasions. “The total investment in the new hotel, including land price, is around $12 million,” Makki said.

AIG is planning several other developments locally in different areas, namely Tyr, Bhamdoun, Baalbeck, and Litani, as well as a big project on Beirut’s seaside.

AIG is also preparing a mega-hotel in Bagdad (Iraq) for 2016. The hotel will be located in Al Kazimiah. It will have 450 rooms, a mall with 150 retail stores, and 150 offices, as well as gyms, conference rooms and ballrooms, along with several restaurants.

Investments in the Iraqi venture will range between $70 million and $100 million, according to Makki. The first phase of the project, which includes the finalization of the mall, will be accomplished by 2014. “We are planning to put up to 49 percent of the shares of the Bagdad company for public trading,” said Makki.

Another development is geared for Muscat (Oman) where Assaha will be opening a high-end traditional restaurant with an investment of some $2.5 million. The project will be operational by mid-2014.

Assaha also signed franchise deals for opening up to ten coffee shops in Sudan.

Makki said a 45-room hotel is planned for London (UK), where an Assaha restaurant is already operational.

Makki said they are currently looking for investment opportunities in Turkey, the USA, and the Gulf countries. Assaha already has branches in Qatar, Sudan, and Kuwait.
Reported by Rana Freifer
Date Posted: May 21, 2013
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