Exclusive JV between CG and IFA Hotel Investments to build YOTEL branded hotels in Saudi Arabia
Jeddah, 02 September 2013: CG today announced the signing of an exclusive Joint Venture Agreement with IFA, a specialized international hospitality brand headquartered in the UK, targeting the development of YOTEL branded hotels across the Kingdom. YOTEL hotels currently operate within Heathrow and Gatwick airports, Amsterdam Airport Schiphol and in New York’s Times Square. Under the JV, CG is IFA HI’s exclusive partner to develop YOTEL branded hotels in Saudi Arabia. IFA HI will invest seed capital in the projects and asset manage the hotels after development, while YOTEL will be the hotel operator. The YOTEL product will also be customized to local requirements in each market across the Kingdom.
YO! Founder, Simon Woodroffe OBE and YOTEL CEO Gerard Greene conceived the innovative YOTEL cabins to provide uncompromising luxury within a smaller footprint than traditional five-star hotels. Joe Sita, CEO of IFA Hotel Investments, remarked, “We are very pleased to have formalized this relationship with Capitas Group International.” Commenting on the Agreement, Naveed Siddiqui, CEO of Capitas Group International, said, “This is an exciting opportunity for CG to bring an innovative and unique, world-class hospitality brand to the Kingdom.” Tariq Hameed, Managing Director of CG’s Development Management Service, added, “CG committed to developing the hospitality sector in the Kingdom. As we assist clients in their own projects, we also look forward to bringing this attractive and unique product to investors and land owners across the Kingdom.”