Global Hotels eyes expansion into RAK

Dubai A one-property company at the moment with a small turnover of around Dh35 million, the Global Hotels Management Group is planning to expand in the Middle East and globally, according to the company's top executive. The group is represented by Clover Creek Hotel Apartments in Dubai. "Our target is to add five more hotels to the portfolio in the next three years under the brand name of Clover," Masoud Hashim, Chief Executive Officer, said. He added that two projects are already in progress, including a boutique hotel in Ras Al Khaimah and a four-star hotel in Kenya. The property in Ras Al Khaimah is due to open by the end of next month, followed by the Kenya hotel opening in August, Hashim said. He added that the group also aims to expand its fine-dining restaurant — Bundoo Khan — to 10 outlets over the next three years. On the group's overall strategy for a global reach, Hashim said: "We have quite an aggressive expansion strategy, with an objective to expand not only in the UAE but also in different parts of world," adding that the company plans to expand at an anticipated growth rate of 100 per cent year after year. Hashim, however, did not divulge the markets being considered for the company's future projects. "We are always looking at potential markets but wish to make cautious investments," he said. At a time when firms across the board are scaling down expansion owing to tighter credit availability in the market, Global Hotels is confident it will have no problem raising finance for future projects. "On the one side, the financial crunch has definitely disturbed many businesses, but on the other hand, it has brought many opportunities as well," Hashim said, adding that the company is managing the challenge by a different financing strategy it has devised. Financial strategy "That is by not putting an excessive burden on business through expensive financing or through financial institutions, but to manage the company's financial needs with the induction of equity investor partners, hence maintaining less financial and gearing risks," he explained. "Our strategy over the years has been successful and has helped us meet our objectives," Hashim added.