Shuaa plans to raise $533m for hospitality fund
13 Apr 2010
(MENAFN) Shuaa Capital Saudi Arabia plans to secure more money for its hospitality fund through a second auction in October, in addition to plan of making more acquisitions this year, citing improving market conditions, Reuters reported.
The firm’s Chief Executive, Omar Al-Jaroudi, said that the fund, which had its first closing in 2008, aims to raise around $533 million, noting that the company raised $110 million in the first closing.
Al-Jaroudi said that Shuaa launched its private equity hospitality fund aiming to acquire hotels to be managed by Rotana Hotel Management Corporation, but it only made one acquisition in 2009 as market conditions were uncertain. In March, Shuaa bought land in the Red Sea port city of Jeddah for a hotel development worth of $130 million.
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