Europe and India: The hospitality investment firm Twenty14 Holdings, part of the Lulu Group International retail empire, is set to spend $250 million over the next few years to acquire hotels in Europe and India.
Twenty14 Holdings is currently on the lookout for new deals as it plans to expand the business. It is also weighing up expansion into Saudi Arabia but has no deals in the pipeline.
The Abu Dhabi-based company owns nine properties in India, Oman, the UK, the UAE and Switzerland, with investments of more than $750 million.
In 2015, it acquired Great Scotland Yard and transformed the building into a luxury 153-room hotel. Other notable owned assets include The Caledonian hotel in Edinburgh, operated under the Waldorf Astoria brand.
“Our investments are not on hold at this point of time,” said Adeeb Ahamed, managing director at Twenty14 Holdings. “We are only realigning our vision on investments. Earlier the vision was to have properties in city sectors and in key business destinations but due to the pandemic we are of the opinion that we should have a mixture of city properties and resort properties rather than just focusing on city-led properties.”
He added that new projects will be financed through a mix of equity and debt: “Yield perspective is the core criteria and yielding assets are what we are looking at.”