Arab Hotels Company signs a Memorandum of Understanding
June 1, 2017- Ramallah, Palestine - Arab Hotels Company announced today the signing of a Memorandum of Understanding for a Franchise Agreement with leading global hotel operator, Millennium Hotels and Resorts. The agreement represents the first step towards a master franchise partnership between Yabous for Tourism Investment Company, owned and funded by the Palestinian Investment Fund (PIF), the main investor behind Arab Hotels Company, and Millennium Hotels and Resorts.
The first hotel in this strategic partnership will be a luxurious five-star hotel in Ramallah, Palestine. Located in the heart of Ramallah (formerly Mövenpick Ramallah); the hotel offers 171 rooms alongside seven meeting rooms, a ballroom, three dining outlets, a fitness center, an outdoor swimming pool and a business center with access to high-speed Internet. Operating under the Millennium brand, hotel is scheduled to open in mid-June 2017.
Mr. Kevork Deldelian, Chief Operating Officer, Millennium Hotels and Resorts MEA says; “We are delighted to enter into this strategic master franchise partnership with Yabous company, one of the most respected companies in the region and the main investor behind Arab Hotels Company. With Yabous’ current and future portfolio of hotels, Millennium Hotels and Resorts will become the largest international hotel brand in Palestine. The first property, a five-star hotel in Ramallah under our global flagship brand Millennium, will represent great quality and value in the heart of Ramallah. We believe in the current and future business opportunities in Palestine within its growing investment environment, infrastructure development and charming nature. Lastly, we are committed to supporting the communities in Palestine by offering exciting employment opportunities within an international hotel company.”
“We are pleased to introduce the Millennium brand to the Palestinian market. Having a prominent global hotel operator such as Millennium Hotels and Resorts on board will add value to our hotel. Through its strong presence in the Middle East, we trust that they will provide the expected support and expertise to drive the performance of our property. We look forward to bringing a high level of international hospitality experience to hotel guests, ensuring they have an outstanding experience every time they stay.” said Amir Dajani, Chairman of the Board, Arab Hotels Company.
About Millennium Hotels and Resorts:
Millennium Hotels & Resorts plc is a dynamic, global hotel company, which owns, asset manages and/or operates over 130 hotels worldwide. With almost 40,000 rooms worldwide, the company is present on all continents with a portfolio of brands which serve different market segments, representing quality and value in every class.
From a single property in Abu Dhabi, Millennium Hotels & Resorts, Middle East & Africa has expanded into various neighboring destinations and is now recognized as one of the fastest growing regional hotel management companies in the Middle East & Africa. Along the way, the company has cultivated partnerships with reputable and respected owners. Millennium Hotels & Resorts currently operates 29 hotels, has 12 hotels due to open within the next year and 40 hotels in the pipeline across the region.
About Arab Hotels Company:
Arab Hotels Company was established on the 4th of July 1996 as a public shareholding company, and registered as a trademark in the Private Investment Sector, in the fields of tourism, hotel and leisure services. The Company plays a significant role in improving and promoting tourism in Palestine which was not effective in previous years.
The main objectives of the Arab Hotels Company primarily include establishing, managing, operating, investing and purchasing any project in hotel real estate and tourism investments, to carry out all the necessary work to implement these projects. The Company also strives to create and provide job opportunities in the Tourism and Hotels Sector.
The Board of Directors of the Arab Hotels Company consists of seven members.Their main roles and responsibilities include following up with the Company’s progress, strategies, and future plans, as well as approving budgets, regulations, financial and investment policies.