21 November 2008

Arab backing secured by Aquis Hotels

New eastern Mediterranean upmarket hotel chain Aquis Hotels and Resorts has attracted significant new funding from Abu Dhabi.

It is believed that a multi-million pound capital injection is being made into the company.   

Sheikh Tahnoon Bin Saeed Al Nahayan, a member of the UAE stateââ¬â¢s royal family, has been named as chairman of Aquis.

He takes the place of David Howell, executive chairman of luxury operator Western & Oriental, who becomes vice-chairman of Aquis.

The company, set up in August with five properties in Greece, plans to expand to 30 hotels in three years including moves into Turkey and Egypt.

Abu Dhabi is known as a major investor in hotels worldwide including the UK, so the involvement of Nahayan is being seen as a major coup by Aquis at a time of global economic uncertainty.

The companyââ¬â¢s first hotels are in the Greek islands, with the three in Corfu and one in Kos becoming operational in time for summer 2009.

by Phil Davies 

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