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IFA strikes deal to purchase USD13.5 million office building in Beirut
| The purchased office building will serve as an operational centre for IFA and its consortium |
International Financial Advisors (IFA) announced the purchase of an office building in 2 Park Avenue (A) in Beirut City Center for USD13.5 million. The office building comprises six floors—ground floor in addition to four basement floors—and is situated in Bab Idris, the elite commercial district in Solidere where most commercial banks are located.
Jassim M Al-Bahar, Chairman & Managing Director of IFA said: “The deal is in keeping with the company’s strategy for diversifying its activities to include investments in residential buildings and commercial complexes in addition to its investments in the hospitality sector. This reinforces IFA’s presence in Beirut, a vital business centre in the region, which began with the Alabadiyah Hills project and the Four Seasons Hotel, Beirut in partnership with Kingdom Hotel Investments.”
The purchased office building will serve as an operational centre for IFA and its consortium. The company has also received leasing requests from international institutions and is currently evaluating these with the objective of achieving the highest return on this investment.
“This recent investment in Lebanon furthers IFA’s strategy to extend its presence in the Middle East and other key markets. This geographical expansion and investment diversification will help to achieve exceptional operating profits in future years and will enhance shareholders’ value,” Al-Bahar concluded.
About IFA Hotels & Resorts:
IFA Hotels & Resorts (IFA HR) is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa
Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 1.3 billion, IFA HR’s main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA Hotels & Resorts South Africa is also listed on the Johannesburg Stock Exchange as of February 27, 2006.
IFA HR projects and investments in Dubai include The Fairmont Palm Hotel & Resort, the Fairmont Palm Residence, the Crescent Resort on the Palm Island (to be managed by Fairmont Hotels & Resort), The Palm Residence (Al Nabat and Al Haseer), the Palm Golden Mile and the Movenpick Hotel & Residence Laguna Tower Dubai. IFA HR’s other projects are the Kempinski Alabadiyah Hills in Beirut, a shareholder in the Four Seasons Hotel in Beirut, the Zanzibar Beach Hotel & Resort, the Zimbali Coastal Resort & Zimbali Lakes, the Zimbali Lodge, the Fairmont Zimbali, shareholder in 5 Lonrho Hotels in Kenya and in YOTEL, which owns two YOTEL hotels in Heathrow and Gatwick, United Kingdom. IFA HR is also the force behind the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort (Portugal), part of Starwood’s Luxury Collection.
Globally, IFA HR have entered into strategic alliances and Joint Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, Savills (United Kingdom), a strategic alliance with RCI (part of the Cendant’s Group) and Moreland Developments (Pty) Ltd (South Africa).
IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA HR programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of its product range:
• IFA - Hotels & Resorts
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA – Residences
• IFA – Travel & Tourism
This unique product range enables IFA HR to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
IFA Hotels & Resorts's contact details:
Phone: + 971 4 391 2022
Fax: + 971 4 366 4644
 Website: http://www.ifahotelsresorts.com
 Email: sales@ifahotelsresorts.com
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