Valor Hospitality Partners Middle East, a global, full-service hotel management company, has revealed that it has partnered with ICD Hospitality and Leisure, a wholly-owned subsidiary of Investment Corporation of Dubai that manages a portfolio of commercial companies and investments, in a highly anticipated move.
According to a statement, the new joint venture, Valor Hospitality Partners DMCC, will scale up operations in the Middle East region by signing new hotel management agreements with hotel owners under a long-term arrangement.
It also said that leading global hotel groups have a majority of their hotels under franchise operations, and with Valor Hospitality enjoying preferred status or close partnerships with these hotel groups, the joint venture aims to create more momentum in the industry regionally.
Valor Hospitality Partners CEO and Global Co-founder Euan McGlashan said that they’re incredibly proud and privileged to partner with ICD in this highly anticipated agreement on the back end of the recent pandemic crisis as many owners are looking to franchise for growth, and this allows them to further develop their third-party management operations platform jointly in the Middle East region.
“The timing could not be better as the Middle Eastern hospitality and tourism sector has reached a level of maturity for this model to gain traction rapidly. Franchise is largely standard and has enjoyed longevity and success in the USA and Europe, with owners wanting more control and insight into their assets, while it allows hotel brands to scale and grow their footprint faster. We could not ask for a better, more respected partner than ICD,” said McGlashan.
A spokesperson for ICD also revealed that they are pleased to partner with Valor Hospitality on this venture to welcome innovative global organisations who believe and invest in the UAE.
“Valor brings global knowledge of the business model deployed through local experts with hands-on experience in the region. The Dubai tourism sector has shown its resilience, particularly during the pandemic over the last two years. This may be a good time to further diversify the hospitality sector and adapt the way hotel assets are managed to create more value within tourism,” said the spokesperson.
Valor Hospitality Partners Middle East Co-founder and Managing Partner Julien Bergue said that with Dubai’s reputation as a leading tourism hub, it made sense to launch Valor Middle East there in 2018, as it was their intention to bring creative and innovative solutions to the region.
“The joint venture with ICD will help us contribute to HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai’s ‘Dubai Vision 2040’, boosting development, tourism investment and innovation in the hospitality sphere as Dubai continues its popularity as a top global destination,” said Bergue.
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