Coral International unveils new Corp hotel company

Coral International Hotels, Resorts & Spas is preparing to enter the mid-tier market. The Dubai-based hotel company launched its latest brand, Corp Executive Hotels, at the end of June, promising to provide an affordable business hotel model in the four-star category.

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By  Sarah Campbell Published  August 1, 2006

Coral International Hotels, Resorts & Spas is preparing to enter the mid-tier market. The Dubai-based hotel company launched its latest brand, Corp Executive Hotels, at the end of June, promising to provide an affordable business hotel model in the four-star category. Coral has entered into a strategic agreement with Reef Real Estate Investment Company LLC for a joint venture in hospitality that will develop what it calls a ‘new generation’ of hotels offering a practical, safe, clean and affordable product. The joint venture, which also sees Coral investing 50% equity into the project, has already broken ground on its first hotel project. Corp Executive Hotel Al Barsha will open in Q1 2007. Future plans include Reef developing 2000 rooms within the next couple of years, with Coral aiming to have five to ten Corp Executive Hotels in operation in key cities across the region in the next three years. “Considering the huge gap in the market for smart hotels, our motivation with Corp Executive Hotels is to develop and offer a new perspective to hotel [management] in keeping with the basic Coral International values, which are respect for local culture, care and attention, and innovation,” said Michel Noblet, managing director, Coral International Hotels, Resorts & Spas. “The diverse experience of Reef Real Estate Investment Company matches perfectly with Coral International and we are confident this brand will usher in a new era in hospitality in the region. Mid-market is all about value pricing, quality accommodation, professional service, hygiene, complete security and latest technological amenities. With Corp Executive Hotels we will enter a new dimension in hospitality.” According to Noblet, Coral will offer a complete turnkey solution to hotel owners, whereby Coral, in association with Reef Real Estate, will study, design, build and operate each property. “This makes us unique and offers more than just a hotel management contract,” he explained. Coral and Reef hope that the new brand will fill a niche gap in the market. “The dynamics of the hotel industry are changing worldwide and smart business hotels are emerging as a compelling business opportunity. As a result we are attracted to Coral International’s fresh, new approach to hotel management focusing on market demands,” said Sheikh Ahmed Mohammed Saqer Al Nahyan, managing director, Reef Real Estate Investment Company. “Dubai is currently experiencing a shortage of hotels, and last year 40% of people calling hotels couldn’t get availability,” he added. Part of the USP for the new brand will be an emphasis on technology, enabling Corp Executive to offer a more automated, and therefore timesaving, lodging product. The chain will employ ProxiCard technology, whereby all guest info will be stored on a card, meaning the guest only needs to present the card, rather than complete new check-in forms and provide passports in order to check in. “It will make the check-in process much easier,” Noblet said. Meanwhile, Coral International continues with its plans to operate 25 hotels under the Coral flag by 2008. According to Noblet, the new joint venture is in addition to this figure. He maintains that Coral is still on track to achieve its critical mass of 25 properties, with five already in operation and several under construction or negotiation.

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