Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi-based Lulu Group International, has signed a contract with Swiss real estate developer Necron AG for the upcoming Intercity Hotel Zurich Airport in Rumlang, Switzerland.
According to a statement issued on Monday by the T14H, with the addition of the Intercity Hotel, it marks Twenty14 Holdings entry into mainland Europe and joins a portfolio of $750m worth of luxury property across the UK, the Middle East and India.
The 260-room, 4-star hotel will open in 2020 and is located close to the Zurich International Airport. It will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract.
Adeeb Ahamed, Managing Director, T14H, said: "With this contract, we are entering into mainland Europe and it is an important milestone in the group's portfolio as we work towards becoming a billion-dollar investment firm by 2020."
Hailing from Kerala, Lulu Group's chairman is M.A. Yusuf Ali, who now operates out of the UAE.
--IANS
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