IFA Hotels & Resorts enters Namibia with JV valued at US$ 75 million

IFA Hotels & Resorts is entering the Namibian hospitality market through a joint venture agreement with the Ohlthaver & List group of companies, a leading private sector group in Namibia. The joint venture is valued at approximately US$ 75 million. Through the venture, IFA HR has also introduced five star luxury hospitality partner Kempinski Hotels (Kempinski) to Namibia in an agreement that will see the international hotel brand operate all four of the joint venture hotel properties.

Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR commented on the move, "In addition to being very pleased with the announcement regarding our new partner Ohlthaver & List, we're also extremely excited about the potential such a strategic partnership represents. Ohlthaver & List is at the forefront of the Namibian private sector and as such provides not only a platform for our initial entry into Namibia, but also represents future opportunities for our company to expand further into this growing market."

Established in 1923, O&L is Namibia's largest privately held group of companies outside of the mining sector with vested businesses that actively promote and support business growth in Namibia. The O&L group of companies has interests in food production, fishing, beverages, farming, retail trade, information technology, property development, leisure and hospitality, marine engineering and the service sector.

Sven Thieme, Executive Chairman of O&L said, "The announcement of our new partnership with mixed-use developer IFA Hotels & Resorts fully supports our company mission to build innovative and sustainable businesses in Namibia. We are also delighted to welcome international five star hotel operator Kempinski Hotels. The entry of these two high-profile companies to Namibia will not only help increase our profile on the global travel and tourism stage, but also contribute to business growth that significantly supports our socio-economic wealth and living conditions. I am very excited and proud to see these prestigious companies enter Namibia."

Kempinski Hotels is one of Europe's oldest luxury hotel collections. This year Kempinski is celebrating 110 years of history, exclusivity and distinctive luxury. While the group was founded in Germany, its portfolio is now spread throughout Europe, the Middle East, Africa, South America and Asia with properties in locations such as Abu Dhabi, Beijing, Berlin, Budapest, Djibouti, Istanbul, London, Moscow, St Moritz and Zanzibar.

Ulrich Eckhardt, Senior Vice President Middle East & Africa of Kempinski, said, "We are delighted that our relationship with IFA Hotels & Resorts has led to this opportunity to expand our presence into Namibia. Namibia has traditionally attracted a strong contingent of German visitors, as well as tourists from other key European markets, where Kempinski is already well established. It is for this reason, and with an eye on increasing international visitation through our own international portfolio, that Kempinski is ideally suited to join IFA Hotels & Resorts Limited and the Ohlthaver & List group of companies in operating their joint Namibian properties."

The hotels that will be re-developed as a result of the joint venture are currently branded and operated within the Namib Sun Portfolio. The initial properties falling under the joint venture include The Strand Hotel, King's Den Lodge, Mokuti Lodge and a fourth hotel to be developed in Windhoek. IFA HR SA will also assess the potential for residential and retail opportunities surrounding these properties, with a view to integrating them to the adjoining hotel properties.

The Strand Hotel in Swakopmund is a medium-sized hotel with beach and garden views located on the shores of the Atlantic Ocean. The King's Den Lodge is on the banks of the Chobe River in the North Eastern Caprivi strip, with access from Botswana and Victoria Falls in Zimbabwe. The King's Den Lodge is uniquely appointed with panoramic views of the Chobe River and each chalet is custom built. The Mokuti Lodge, situated on the gateway of the world renowned Etosha Park, is famous for its spectacular game viewing, superb conference facilitates and luxurious private chalets with all amenities.

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