[2008-07-21]  Taameer concludes first acquisition in Morocco
Al-Taameer Real Estate Investment Company announced the acquisition of its first property in Morocco, a 133-room hotel. The hotel, located in the Moroccan cultural and educational capital of Fes, is well established and already enjoys decent occupancy rates and stable income. Investing over six million Kuwaiti dinars in the purchase, Al-Taameers intention is to immediately refurbish parts of the hotel and re?brand it Ramada. This was announced Sunday in a press release.

Al-Taameer is the exclusive master franchise holder of the well?known Ramada hotel brand in several countries across the Middle East and North Africa. Al-Taameer also recently added Ramadas Encore brand to its growing portfolio of Ramada properties. The news that Al-Taameer will open its first Ramada hotel in Morocco follows last months announcement of the opening of Lebanons inaugural Ramada in Downtown Beirut.

Vice Chairman of Al-Taameer Real Estate Investment Co., Najeeb Al-Saleh, felt the re-branding of the hotel as a Ramada would have a positive impact upon both occupancy rates and reputation. "The hotel will now be part of Ramadas extensive global network and as such will be accessible through the on-line booking system provided by Wyndham Hotel Group International, Ramadas parent company. In addition to this, Ramada is a trusted brand name - customers know they will receive good service and comfortable, clean accommodation. The hotels appeal to international travelers will increase as a result of Ramadas reputation."

Ramada Fes will offer guests multiple comforts and services including a business center, gym, massage facilities and sauna, underground parking and gourmet restaurants. Al-Saleh affirmed that Al-Taameer is in the process of closing another deal and an announcement to this effect will be made very soon.



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