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Dubai: Hospitality Management Holdings (HMH), a new tourism development entity launched yesterday, said it will develop 100 hotels in the Gulf region within the next four years.
HMH consists of six independent firms out of which four are hotel management companies, including Coral International Hotels, Resorts & Spas, Corp Executive Hotels, ECOS Hotels and EWA Hotel Apartments - all being UAE's home-grown brands.
The Coral group, which started its journey just four years ago with Coral Beach Resort in Sharjah and Coral Deira in Dubai, has been aggressively expanding in the Middle East with four niche brands and has already signed 40 projects across the region.
The group now has a strong interest in Asia, particularly China, India and Pakistan.
"We have had remarkable growth ever since the launch of Coral International Hotels, Resorts & Spas in 2004. Within four years, we have created four strong hospitality brands. This necessitated the formation of a parent company i.e. HMH.
"The move follows the decision taken by the board of directors and is part of our efforts to restructure the corporation," Shaikh Mohammad Bin Faisal Al Qasimi, vice-chairman of Coral International Hotels, Resorts & Spas, said yesterday.
The business operations of any of the subsidiaries under HMH will not change as a result of the organisation. Following the reorganisation, Coral International's current directors will serve as the directors of HMH.
Consolidation
Michel Noblet, Managing Director, Coral International Hotels, Resorts & Spas, said: "The creation of HMH is part of our strategy of consolidation. While giving a boost to our brands, it will strengthen our position tremendously.
"Single, independent entities are diminishing worldwide and the big groups growing. The formation of HMH would help us to align our company's structure better with our subsidiaries while giving us the flexibility to achieve our global development objectives.
"In addition, it will help us to meet the challenges from the emerging markets and the competition. At this point, it is extremely important for us to position ourselves strongly to materialise the upcoming opportunities.
"We are well placed for the future and are looking for a bigger presence in the Middle East, Asia and Africa. The move is aimed to maximise HMH's presence beyond the region as well as to open other strategic options for the group. Our objective is to develop 100 hotels in the coming four years."
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