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 BridgeStreet Worldwide and Tadmur Sign Franchise Agreement for Serviced Apartments in Doha, Qatar
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| 18 November 2008 |
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HERNDON, VA - BridgeStreet Worldwide, a leading international provider of serviced apartments, today announced it has signed its first franchise agreement with Tadmur Real Estate, W.L.L., in Doha, Qatar. Under the 10-year agreement, Tadmur Real Estate will operate four buildings with a total of 514 serviced apartments under the BridgeStreet brand.
As part of its strategic growth plan, BridgeStreet is offering a limited number of franchise agreements to companies outside the United States and Europe. "Franchisees will play an important part in expanding our global reach throughout emerging markets," stated Lee Curtis, president and chief executive offer of BridgeStreet Worldwide.
"We are very excited to be teaming up with Tadmur Real Estate as our first, fully branded franchise partner," adds Curtis. "Entering into the Doha market with such an esteemed organization compliments our recent venture in Dubai and firmly ingrains the BridgeStreet brand within the region."
Economic prosperity abounds due to Doha's position as a leader in the oil and natural gas industries and the Qatari government's focus on diversification. The city is undergoing a large boom with a high influx of residents, the majority being expatriates, resulting in a housing shortage. Serviced apartments are vital to service the needs of those seeking both short-term and long-term accommodation options.
Tadmur Real Estate, a subsidiary of Tadmur Holdings, is a leading management and development company in the Middle East. "The need for serviced apartments in Doha has grown rapidly in the past few years," comments Mahmoud Noureldin, general manager of Tadmur Real Estate. "We were seeking to partner with a well established brand to launch into this hospitality segment. BridgeStreet's strength in the marketplace, their expansive client base as well as their expertise as serviced apartment operators made them the perfect choice."
The first two buildings, comprising 127 one- and two-bedroom apartments, are scheduled to open in April 2009. A third building at Doha's hub – Al Najma - will quickly follow with an additional 63 apartments. The final development project, Aayan Tower, is scheduled for completion in the summer of 2010, providing 324 apartments in the West Bay district. These luxury buildings will combine top of the line design features and finishes with state-of-the-art amenities and services to meet the demands of today discerning business travelers.
"BridgeStreet has a solid record of managing purpose-built serviced apartment buildings for investors and owners that produce profitable returns year after year," adds Max Thorne, BridgeStreet Worldwide's vice president of development EMEA. "Through this franchise agreement, Tadmur Real Estate can capitalize on our knowledge and implement a successful model for their properties. We look forward to offering this exciting new program to growing enterprises throughout the Middle East, Asia and India."
BridgeStreet Worldwide is a leading international provider of corporate housing. BridgeStreet and its Global Partner Alliance offer over 15,000 corporate apartments located throughout the United States and 50 cities internationally. An award winner both in the U.S. and Europe, BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information about the company or to learn more about how BridgeStreet is Making Corporate Housing Easy, visit www.bridgestreet.com or call 1-800-BSTREET.
Tadmur Real Estate (TRE) is a subsidiary of one of Qatar's most prominent group of companies, Tadmur Holding. The Holding Company's expansive network of companies includes at present 10 diversified subsidiaries covering a myriad of business, contracting and trading activities. Carrying the slogan of "Total Property Solutions," TRE provides a wide range of real estate services that encompass both property development and management. For additional information, visit www.tadmur-realestate.com
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