Abu Dhabi hospitality investment company enters Swiss market
The hospitality investment unit of Abu Dhabi's Lulu Group, Twenty14 Holdings (T14H), marks its entry into mainland Europe
The hospitality investment unit of Abu Dhabi's Lulu Group, Twenty14 Holdings (T14H), is entering the Swiss hospitality market with the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland.
Marking its entry into mainland Europe, the company entered into a forward purchase contract with Swiss real estate developer Necron AG for the property.
The four-star hotel will offer 260 rooms, and will include meeting and event spaces, a restaurant, an indoor fitness centre, and spa area as well as underground and outdoor parking facilities. The property is scheduled to open in 2020.
The hotel will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract. The design of the property will be based on the new Intercity Hotels Matteo Thun design standard.
Twenty14 Holdings managing director Adeeb Ahamed said in a statement: "We are excited to mark our entry into mainland Europe with our first property in Zurich. It is an important milestone in our group’s portfolio as we work towards becoming a billion-dollar investment firm by 2020."
This is Twenty14 Holdings’ second property to be operated by Deutsche Hospitality: the German hospitality firm operates T14H’s Steigenberger Hotel Business Bay in Dubai, UAE.
Twenty14 Holdings currently has assets worth more than US$750m spread across Europe, Middle East, and India. In Europe, the group owns the Waldorf Astoria Edinburgh – The Caledonian in Scotland and is also set to create a five-star hotel at 1-5 Great Scotland Yard, the former headquarters of London’s Metropolitan Police. The firm co-owns the Sheraton Oman Hotel in Muscat, which re-opened in 2016. The company also owns the Steigenberger Hotel Business Bay in Dubai and three properties in India.