Zinc l InVision Hospitality, a new entity formed through a joint partnership between leading Thailand based group InVision Hospitality and Singapore-based investment company Cinnovation | CG, has announced plans to invest up to USD 180 million towards the growth and development of its brand within the hospitality sector in the MENA and South East Asia region. The regional expansion will see the company brand and operate 28 hotels in the Middle East and North Africa (MENA) region by 2020. The growth will be financed in part by Z-I Capital Partners, which is the investment fund set up by the current Zinc | InVision Hospitality partners and fortified by other investors. Cinnovation | CG, which has holdings in excess of USD 1 billion, is part of the Nepal-based global conglomerate Chaudhary Group. Kicking off its presence in the region, Zinc l InVision Hospitality has revealed plans to build and launch its first flagship property in the UAE, Zinc Edge, which will be located in Downtown Jebel Ali and to be completed by 2014. Further, the company is also in talks with local developers with a view to brand and launch its first property in Dubai by 2012.
The newly formed Zinc | InVision Hospitality will incorporate the expertise of the existing 35 person InVision staff and various professionals from the Cinnovation | CG corporate structure, in addition to hiring new senior level talent to drive targeted growth. According to company officials, Zinc | InVision Hospitality have set their sights on Dubai as the main center for their planned MENA projects, which includes operating 8 properties and a headquarters for sales, HR, development, and operations. The company also announced plans to set up similar luxury and mid tier property development projects in key Middle East locations including 2 in Qatar, 3 in KSA, 2 in Bahrain, 1 in Lebanon, 2 in Oman, 4 in Egypt, 2 in Syria and 4 in Morocco. The launch of a range of properties across the region is aimed at catering to a unique market segment covering luxury resorts, hip business hotels, urban travelers, long-stay and residential living, heritage travel, and spa and wellness retreats. Source