Corinthia Hotels International To Operate The First Wyndham Hotel in Morocco For 'Essential Developments'
Malta-based hotel operators Corinthia Hotels International (CHI) and Essential Developments, a development company based in the Isle of Man, announced the signing of a technical assistance agreement and a 15-year hotel management agreement of the new ‘Wyndham Port Lixus Resort’ - a Euro 58.4 million (approximately 86.77 million US dollars) upscale hotel project to be built by Essential Developments on the northern Atlantic coast of Morocco. The resort location is adjacent to the city of Larache and a convenient 40 minutes south of Tangier International Airport.
CHI will be giving its technical assistance and advice in the planning and design of the ‘Wyndham Port Lixus Resort’ and will take on the full management of the hotel on completion. The hotel will include a state of the art Spa, three restaurants, four bars that include a health bar and a Tapas bar, and extensive landscape and water features within its 7-hectare site.
The 418-room hotel project falls within phase one of the Moroccan Government backed ‘Vision 2010’ plan of turning the 470 hectare historical Port Lixus area into an upscale tourist resort, complete with two 18-hole golf courses, a 700-berth marina, a 120-berth pleasure port with shopping and residential ‘Water Homes’, extensive sporting and leisure facilities and upscale international hotels. Development of the planned resort will be in the hands of Salixus, a Belgian consortium development company led by Thomas&Piron.
“Both CHI and Wyndham are delighted to be involved in this very exciting new project. We have recognised Morocco to be a priority for expanding our African presence and building on CHI’s already excellent management reputation and standing in Libya and Tunisia. We are also honoured to be contributing to Morocco's Vision 2010 programme and are confident that the resort hotel will be a resounding success", stated Tony Potter, Corinthia Hotels International’s Chief Executive Officer.
Construction work on the ‘Wyndham Port Lixus Resort’ is scheduled to commence in April of 2008, with the hotel set to open its doors in June 2010.
About Corinthia Hotels International (CHI)
CHI is a hotel operating company that is a joint venture between Malta based International Hotel Investments plc (IHI) and Wyndham Hotel Group of the US. It undertakes hotel management operations for Corinthia Group and IHI owned or affiliated hotels as also for third party owners. CHI is also the exclusive hotel management company for Wyndham Hotel Group managed hotels in the EMEA region operating under the Corinthia, Ramada Plaza and Wyndham categories. CHI has accumulated over 40 years of experience in delivering a high quality service to hotel guests and an optimum rate of return for owners and investors in diverse business environments. Its expertise extends to management of luxury and upscale properties in city and resort locations, and products ranging from boutique to large conference and meeting hotels. Corinthia this year features among the top 50 hotel groups in Europe, as reviewed by Hotel Management International, an official publication of the European Hotel Managers Association. For further information on Corinthia Hotels please visit www.corinthiahotels.com
About Wyndham Hotels and Resorts
Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation (NYSE:WYN), offers upscale hotel and resort accommodations throughout the United States, Canada, Europe, Mexico and the Caribbean. For more information, visit www.wyndham.com
About Essential Developments
Essential Developments, a development company based in the Isle of Man have commercialised the ‘Wyndham Resort – Port Lixus’ hotel project as a purpose-built investment fund in the United Kingdom. The Morocco Plan Azur Fund enables investors to participate in the Port Lixus resort, one of six Government-sponsored Vision 2010 new generation coastal resorts located in previously under developed areas. The fund offers excellent growth potential with an indicative rate of return of 15% per annum. For more information, visit www.essentialinvestments.co.uk
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