Sovereign Hospitality Group announces plans of investment in Azerbaijan

As is reported, Sovereign Hospitality Holdings, headquartered in Geneva, Switzerland, was established by M.A.Kharafi Group as an independent company, specialized in the projects in the sphere of hotel business, tourism and real estate. The company has regional offices in South Africa and Egypt.

The company aims to expand its activity through purchasing strategic assets and financing and developing projects in the segment of hotel business, tourism and real estate in the world and Russia, as well as Azerbaijan.

It should be noted that the proposed volume of investments to Azerbaijan will be comparable with the investments into the projects in Europe, Asia, Africa and other countries throughout the world. The exact sum will be defined after the projects are coordinated.

Sovereign Hospitality Holdings has seamlessly integrated assets of $800 million to date, and is a member of the M.A Kharafi Group, a Fortune 500 company registered in Kuwait with annual revenue of $4 billion. The M.A. Kharafi Group operates in 25 countries and employs more than 100,000 employees worldwide.

Sovereign Hospitality Holdings' existing portfolio consists of 21 hotels and resorts with over 4000 rooms which it owns and operates in Egypt, South Africa, The Gambia, Syria, Lebanon and Albania. Further projects are under development in Libya, Senegal, Ethiopia and Mauritania.

Through a mixture of organic development and portfolio acquisitions that are financed and, thereafter, proactively managed, Sovereign Hospitality Holdings intends to increase the geographical reach of its hotel, resort and real estate portfolio. Over the next three years, the portfolio is set to grow significantly with the completion of 11 unique hospitality developments which will encompass some 1,800 additional rooms reaching a total of 5,800 and totalling 32 hotels in 10 countries.

/Day.Az/