NCTH shares were up 10% on Thursday to 5.55 making for about a 30% rise in the previous 2 weeks. But today shares fell back about 5% to 5.30. From just 2 small trades.
WAM 20 October 2007:
NCT&H plans AED 1 billion hotel in Abu Dhabi
Abu Dhabi based National Corporation for Tourism and Hotels (NCTH) owner of the five star brand Danat Hotels and Resorts, announced today plans for its Capital Centre development project.
Situated on the prime Al Khaleej Al Arabi coastal road, NCTH plans to develop a five star luxury hotel property with over 724 rooms, suites and apartments which will make it one of Abu Dhabi's largest hotel and conferencing facilities, due to open 2010.
Designed by award winning, international leader in concept design and architecture RMJM, the concept will include state of the art design, with emphasis on space and light, maximizing the coastal views which the 10,360 square meter plot will provide.
The hotel will have a combination of executive suites, club suites, two bedroom suites and luxury apartments with floors dedicated for a business club class, the ballroom will have a capacity for 1,000 and in addition 15 separate meeting and conference rooms. Food and Beverage will be represented by nine restaurants and roof top bar specializing in contemporary cuisine concepts with international flare.
As a mixed-used development there will be a retail area of 1200 square-meters providing premium brand retail opportunity and in addition a 700 space car park.
Commenting on the announcement NCTH Managing Director Abdulla Khalfan Al Romaithi said 'this is a Dh1 billion investment for NCTH, another indication of the strength of our commitment to Abu Dhabi as a global capital, furthermore this property promises to become an icon for Abu Dhabi's development as a multi-dimensional destination.'
Presently NCTH are in discussions in with international hotel operators and will be making an announcement late 2007.
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2008 FY
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