Global hospitality management firm partners with ICD Hospitality and Leisure LLC in new joint venture for the Middle East markets
ATLANTA, Ga. – September 26, 2022 – Valor Hospitality Partners, a global, full-service hotel management company announced today a highly anticipated partnership between Valor Hospitality Partners Middle East and ICD Hospitality and Leisure LLC, a wholly owned subsidiary of Investment Corporation of Dubai that manages a portfolio of commercial companies and investments.
Under a long-term arrangement, the new joint venture, Valor Hospitality Partners DMCC, will scale up operations in the Middle East region by signing new hotel management agreements with hotel owners. Leading global hotel groups have a majority of their hotels under franchise operations, and with Valor Hospitality enjoying preferred status or close partnerships with these hotel groups, the joint venture aims to create more momentum in the industry regionally.
“We are incredibly proud and privileged to partner with ICD in this highly anticipated agreement on the back end of the recent pandemic crisis. Many owners are looking to franchise for growth, and this allows us to further develop our fully integrated management solutions & operations platform jointly in the Middle East region” said Euan McGlashan, CEO and Global Co-founder of Valor Hospitality Partners. “The timing could not be better as the Middle Eastern hospitality and tourism sector has reached a level of maturity for this model to gain traction rapidly. Franchise is largely standard and has enjoyed longevity and success in the USA and Europe, with owners wanting more control and insight into their assets, while it allows hotel brands to scale and grow their footprint faster. We could not ask for a better, more respected partner than ICD” McGlashan continued.
A spokesperson for ICD said “We are pleased to partner with Valor Hospitality on this venture to welcome innovative global organisations who believe and invest in the UAE. Valor brings global knowledge of the business model, deployed through local experts with hands-on experience in the region. The Dubai tourism sector has shown its resilience, particularly during the pandemic over the last two years. This may be a good time to further diversify the hospitality sector, and adapt the way hotel assets are managed, to create more value within Tourism.”
“With Dubai’s reputation as a leading tourism hub it made sense to launch Valor Middle East here in 2018, as it was our intention to bring creative and innovative solutions to the region, making it the first global full-service management company to enter the market” said Julien Bergue, Co-founder and Managing Partner of Valor Hospitality Partners Middle East. “The joint venture with ICD will help us contribute to HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai’s ‘Dubai Vision 2040’, boosting development, tourism investment and innovation in the hospitality sphere as Dubai continues its popularity as a top global destination” Bergue concluded.
ABOUT VALOR HOSPITALITY PARTNERS
Valor Hospitality Partners is a leading fully integrated management solutions & operations company, headquartered in Atlanta, GA, USA. With over 85 hotels in its portfolio across The Americas, UK, Africa and Middle East, Valor is now rapidly expanding further within the Middle East, CIS, and Indian Ocean regions. Working closely with owners and international hotel franchise partners, Valor creates value through shared operating platforms within key markets, cutting edge value creation and support with additional services such as, site selection, brand selection, financing solutions, conceptual design, project management, procurement, technical services, and asset management. For more information, visit valorhospitality.com or connect with Valor on Facebook and LinkedIn.
ABOUT ICD HOSPITALITY AND LEISURE LLC
ICD Hospitality and Leisure LLC, a wholly owned subsidiary of Investment Corporation of Dubai (ICD), holds a select portfolio of major hospitality assets across Dubai and around key international markets.
ICD Hospitality and Leisure invests selectively in leading hotels and is pivotal in driving Dubai’s economic engine. Its rich portfolio offers a wide range of travellers some of the world’s best-in-class hospitality infrastructure. For more information about ICD’s Hospitality and Leisure portfolio, please visit: http://www.icd.gov.ae/
ABOUT INVESTMENT CORPORATION OF DUBAI
Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai. It was established in May 2006 by decree (11) of 2006 and mandated with the consolidation and management of the Government of Dubai’s portfolio of commercial companies and investments. ICD was also assigned the provision of strategic oversight to portfolio companies through the development and implementation of effective corporate governance policies, and sound investment strategies. ICD is focused on maximizing stakeholder value for the long-term benefit of the Emirate.
ICD’s portfolio comprises some of Dubai’s most recognized companies and represents a cross-section of vital economic sectors that the Government of Dubai has deemed strategic for the continued development and growth of the Emirate. The sectors include financial services, transportation, energy and industry, real estate and construction, hospitality and leisure, retail, and other holdings. In addition, ICD has embarked on a disciplined and sustainable strategy of global investments, which are synergistic with its existing portfolio, to extend Dubai’s presence and expertise into international markets.
For more information, please visit: http://www.icd.gov.ae/