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The Wave Muscat Announces Development of 3 New Luxury Oman Hotels

  • 08-Nov-11 10:03
  • Oman
  • AMEinfo

The Chief Executive of The Wave Muscat, Michael F Lenarduzzi, has announced plans to target high end travellers taking Oman holidays by building three brand new luxury five-star and four-star hotel properties in the capital city next year.

The Wave Muscat Announces Development of 3 New Luxury Oman Hotels

Plans to build three new luxury hotels in Muscat, Oman have recently been unveiled by the Chief Executive of The Wave Muscat.

Michael F Lenarduzzi said that there will be two new five-star hotels in Muscat and one four-star hotel for tourists taking Oman holidays in the capital city and announced that construction will commence on the first five-star property, Kempinski, in the first quarter of 2012.

Mr Lenarduzzi explained: “The Kempinski hotel with a capacity of 300 rooms and 76 serviced apartments will be ready by early 2014, and the other two hotels will be ready in 12 month intervals after that.”

The capital for the existing and new projects was acquired last week after The Wave signed a five-year credit facility worth RO140mn with four Omani banks - BankMuscat, BankDhofar, Oman International Bank and Bank Sohar.

“The capital injection will give us a lot of financial flexibility and will provide funds to enable us to carry out a number of projects and continue the momentum of development. The funds will be used in the projects identified in our three-year business plan,” Lenarduzzi commented.

 Oman holidays- Sultan Qaboos Grand Mosque (Muscat)
Image by: xiquinhosilva, on Flickr

The Wave Muscat is a new upscale integrated resort and residential development located on 6km of beachfront, which in an area that boasts luxury villas, townhouses, residential apartments, Kempinski and Fairmont hotels, a 400-berth marina, restaurants, shops, pristine beaches and a Greg Norman-designed 18-hole golf course.

The district offers plenty of investment opportunities with over 4,000 properties and Oman hotels available to residents and high end travellers taking Oman holidays.

Lenarduzzi said that despite the first half of the year having a shaky start, the second half has seen strong sales for The Wave Muscat.

 Oman holidays- Fort Al-Mirani (Muscat)
Image by: twiga_swala, on Flickr

He explained: “Almost 90 per cent of the project infrastructure is in place and 25 per cent of the total 4,000 residential properties have been sold out. Investor confidence has improved a lot in the past six months.”

Muscat is a popular destination for tourists, and during holidays to Oman, holidaymakers can walk miles along the city’s beaches and coastline or explore the historic sites and attractions such as the Al Jalali Fort and Al Mirani forts, Sultan Qaboos Grand Mosque, Qasr Al Alam Royal Palace, Qurum National Park and the Bait az-Zubair Museum.

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