Rotana sees no need for IPO in near future: Official
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Rotana Hotel Management Corporation is focusing on expanding its portfolio in Africa and other growth markets such as Iran and Turkey, said a senior company official, as quoted in Gulf News. The Hotel Group currently has a portfolio of more than 100 hotels. The company has expanded outside the Middle East region.
“We have 50 hotels operating and more than 50 hotels under construction,” said the official. “Now, we are concentrating mostly on Africa, Turkey, India and Iran. Mostly we are looking at Africa – Angola, Mozambique, Tanzania.”
The official further added: “We are not proceeding with the IPO, because we do not need it. We have a lot of demand from (hotel) owners in most countries, so we did not feel that we need capital in order to expand.”
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