Oberoi President: Funding In Place For Middle East Properties
The new President for Oberoi Hotels and Resorts says funding is on track for their planned new Middle East properties – a city hotel and beach resort in Abu Dhabi, a beach resort in Oman, city hotel in Dubai, and a property in Marrakech, Morrocco. Liam Lambert said “All the funding is in place. I think there was a slowdown for the property in Oman but so far our partners have not run out of cash.”
Mr. Lambert said a few of their projects did not move forward because funding was not in place, but noted “We own most of our properties and have equity in the Dubai, Abu Dhabi, and Morrocco properties.” Walsh believed the economic downturn will not end until 2010, but the projects previously announced are viable. He said they will expand mainly in Central Asia/Middle East.
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