Kuwait-based IFA Hotels & Resorts (IFA HR) has secured US$240 million in funding from Kuwait Real Estate Company (KREC) and United Investments Portugal (UIP) for its new YOTEL New York property. The hotel, which opened on 3 June, is the largest hospitality opening in Manhattan this year.Talal Jassim Al-Bahar, Vice Chairman and CEO of IFA HR stated: “This is the second funding transaction we have closed in the last six months. Securing these deals – both with foreign lenders – goes to show that despite tough market conditions, the right project in the right location with the right sponsor will attract the necessary capital.” The deal marks the latest major contract linking GCC-based investors to the Big Apple with Fosterlane Management Company, an arm of the Kuwait Investment Authority, purchasing the former Morgan Stanley headquarters just last month. “We are pleased with our investment in YOTEL. This comes as a part of KREC’s strategy to expand its investments geographically while focusing on income-generating real estate to ensure maximum profit for both the company and its shareholders,” said Ibrahim Saleh Al-Therban, Vice Chairman & Managing Director of Kuwait Real Estate Company.The 669-room YOTEL forms part of Related Company’s 1.2 million square foot, 60-storey LEED-Silver complex. For IFA HR, the opening of YOTEL New York marks a major milestone in its investment in the brand. As the first site outside of an airport and the largest YOTEL by far, its design will act as a blueprint for future city centre locations. The hotel’s Premium cabins are equipped with a space-saving motorised moving bed; monsoon shower; Technowall with TV, music and power services; a workstation and free Wi-Fi. Adding to the luxury, YOTEL’S 18 First Class Cabins and 3 VIP 2-Cabin Suites offer private outdoor terraces and hot tubs. All guests enjoy a complimentary breakfast during their stay and access to New York’s largest outdoor hotel space.
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
Close
Sign in
Recover your password.
A password will be e-mailed to you.
- LOGIN / SIGN UP
- NEWS
- MARKETS
- SECTORS
- FEATURES
- Partner articles
- Airlines / Airports
- Car Rental
- Conferences
- Cruising (Ocean)
- Cruising (River)
- Destination Management (DMC)
- GDS / CRS
- Hotels & Resorts
- Hotel Management Company
- Hotel Technology
- HR / Appointments
- Insurance
- Meetings, Incentives, Conferencing, Exhibitions (MICE)
- Travel Agents (all)
- Travel Technology
- Tourism Boards
- Interviews
- Industry appointments
- Travel Bloggers
- Podcasts – Features
- Partner articles
- EVENTS
- JOBS
- TRAVEL GUIDES
- Destination NaJomtien BanAmphur BangSaray *NEW*
- จุดหมายปลายทาง นาจอมเทียน หาดบ้านอำเภอ บางเสร่ *NEW*
- South Australia Reward Wonders *NEW*
- Ponant Yacht Cruises and Expeditions
- Encore Tickets (Chinese Guide)
- Affordable Luxury in Thailand by Centara Hotels
- Rising Above the Oridinary by Conrad Bangkok
- The Best of Thailand
- IWTA SERIES
- IWTA AWARDS
Comments are closed.