The Investment Corporation of Dubai Acquires Porto Montenegro and Regent Porto Montenegro Hotel & Residences
TIVAT, MT. May 25, 2016 - Regent Hotels & Resorts is pleased to confirm that The Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, agreed to the purchase of Porto Montenegro Marina and Resort in May 2016. The transaction marks ICD's first investment in Montenegro and the yacht marina sector, both of which are expected to experience strong growth in coming years.
Regent Porto Montenegro's new ownership with ICD marks an exciting next chapter for Porto Montenegro, as the destination's development accelerates, further positioning it as a luxury destination and the leading yachting community.
"I was inspired by the vision of Porto Montenegro founders Peter Monk, Jacob Rothschild and Bernard Arnault to recreate Monte Carlo in Montenegro. We very much look forward to working with ICD and the expert team in Porto Montenegro. ICD is the premier sovereign wealth fund with expertise in visionary destination developments," said Steven Pan, Chairman of Regent Hotels & Resorts.
In Summer 2017 Regent Porto Montenegro will launch its Regent Pool Club Residences. The residential development, directly adjacent to the existing hotel in the heart of Porto Montenegro, comprises 62 units of luxury hotel residences for sale.
Steven Pan continues, "Regent introduced the mixed use hotel residential concept to Europe and Regent Porto Montenegro was the first hotel built and opened after the financial crisis. Its success has led to the development of phase II Regent Pool Club Residences."
Regent Pool Club Residences will offer some of the most prestigious waterfront addresses on the Adriatic, with one-, two- and three-bedroom luxury hotel residences with unobstructed sea and mountain views. The hotel residences will be designed by the award winning WATG architects of London and MHZ interiors of Paris following their success at the hotel.
An extensive private pool and garden area includes a 38m infinity-edge pool, a 26m lap pool and a dedicated children's pool. An international restaurant will also provide full pool side and dining services. Based on the 'hotel condominium' model, the for-sale hotel residences have full and direct access to the extensive services and amenities of the five-star Regent Hotel including concierge, spa & fitness, room and dining services and an onsite management team that can take care of all maintenance and rental administration at the owners' request.
About Investment Corporation of Dubai
ICD was established in May 2006 by decree (11) of 2006 under a mandate to consolidate and manage the Government of Dubai's portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate. ICD, as the principal investment arm of the Government of Dubai currently has a portfolio that represents a cross-section of Dubai's most recognized companies, in sectors that the Government of Dubai has deemed to be strategic for the continued development of the Emirate. The sectors include financial services, transportation, energy and industries, real estate and leisure, retail and other holdings. For more information about ICD please visit www.icd.gov.ae.
About Regent Hotels & Resorts
Regent is a global luxury hospitality brand including hotels, resorts, residences and cruises. The Regent brand returned to its Asian roots in 2010 with an acquisition by Taipei-based FIH Regent Group. The bespoke Regent experience combines Eastern simplicity and Western elegance melded with gracious and intuitive service, luxurious amenities and traditional hospitality. Regent Hotels & Resorts currently operates in select locations including Beijing, Berlin, Montenegro, Phuket, Singapore, Taipei, and Turks and Caicos. Florida-based Regent Seven Seas Cruises is an award-winning fleet of medium-sized luxury cruise ships that dock at over 300 ports worldwide. All Regent-managed hotels were acclaimed as the best luxury hotels in the world by the Conde Nast Traveler"s Readers" Choice Awards in 2011, crowning Regent as the first and only international luxury hotel group to have ever achieved this recognition. For more information, please visit www.regenthotels.com.
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