Hotel investors look to Iran

As sanctions lift in Iran, builders are seeing opportunity

TRD New York /
May.May 28, 2016 04:00 PM

Global hotel companies are betting that lifted sanctions against Iran will bring waves of tourists and business travel to the Middle East Nation.

For example, the Spanish operator Melia Hotels International plans to open a 319-room hotel next year on the Caspian Sea, according to the Wall Street Journal. The French firm Accor Hotels has already opened two hotels near the Tehran airport. And Abu Dhabi-based Rotana Hotel Management has also begun to develop Iranian properties.

Western firms such Hyatt and Hilton fled Iran during the revolution in 1979 and sanctions against the country have made it difficult to do business there ever since.

“This is essentially the start of a new era,” Faisal Durrani, head of research at real estate broker Cluttons, told the Journal. “What you have is effectively the largest country in the Middle East open for business.” [WSJ]Christopher Cameron


Related Articles

arrow_forward_ios
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
Courtyard by Marriott in Herald Square and Marriott CEO Arne Sorenson (Google Maps, Getty)

Courtyard by Marriott in Herald Square to close permanently

Courtyard by Marriott in Herald Square to close permanently
From left: Embassy Suites at 60 West 37th Street, Ashford Hospitality Trust CEO Douglas Kessler, Magna Hospitality Group CEO Robert Indeglia and Royalton Hotel at 44 West 44th Street (Ashford, Magna Hospitality, Google Maps)

Royalton, Garment District hotels sell at discounts

Royalton, Garment District hotels sell at discounts
Hilton CEO Christopher Nassetta and the hotel at 234 West 42nd Street (Google Maps; Getty; Hotel Planner)

Hilton Times Square to close permanently

Hilton Times Square to close permanently
From left: Holiday Inn Express at Wall Street, Cindat CEO Greg Peng and Holiday Inn Express at Times Square (Credit: IHG/Booking and Cindat)

Cindat looks to sell stake in Manhattan hotel portfolio at discount

Cindat looks to sell stake in Manhattan hotel portfolio at discount
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Joe Sitt’s Thor faces massive foreclosure suit at trophy Chicago property

Joe Sitt’s Thor faces massive foreclosure suit at trophy Chicago property
Commercial real estate indices were down compared with this time last year, but buyers still aren’t selling — yet (iStock)

Report shows how much commercial real estate has fallen

Report shows how much commercial real estate has fallen
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...