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Jul 23, 2008:
An independent hospitality, tourism and real estate investment company has been created and is based in Geneva, Switzerland, with regional offices in South Africa and Egypt.
Sovereign Hospitality Holdings has been launched to expand through strategic acquisitions, financing and developing assets in the hotel, real estate and tourism industry in South Africa and worldwide.
Sovereign Hospitality Holdings' existing portfolio consists of 21 hotels and resorts with over 4,000 rooms which it owns and operates in Egypt, South Africa, The Gambia, Syria, Lebanon and Albania. Further projects are under development in Libya, Senegal, Ethiopia and Mauritania.
Sovereign Hospitality Holdings is looking to expand the geographical reach of its hotel, resort and real estate portfolio globally in both emerging and established markets. This will be achieved through a mixture of organic development and portfolio acquisitions.
In addition to owning and managing its hotels, Sovereign Hospitality Holdings has management agreements in place with a number of hotel management companies including Four Seasons Hotels & Resorts, InterContinental Hotels Group, Hyatt International, Rotana Hotels and Resorts, Starwood Hotels and Resorts and Six Senses Spa.
Recent developments in the last month include the signing of a management agreement with Hyatt International for the 100-room Hyatt Regency Oubaai, due to open in George, on South Africa's Garden Route, in early 2010.
Sovereign Hospitality Holdings has also recently signed an agreement with InterContinental Hotels Group, to develop a 370 room InterContinental Hotel in the heart of Damascus, Syria, due for completion in 2010.
It has also signed an agreement with InterContinental Hotels Group to develop a site in Dakar, Senegal, on the west coast of Africa. The M.A. Kharafi Group will invest in excess of US$250m in the development of a life-style residential estate, including an InterContinental Hotel which is expected to be completed in 2010. The estate will offer 250 rooms, restaurants, conference centre, business centre, retail space, spa, swimming pools and ocean swimming platform.
