Global hospitality management firm partners with ICD Hospitality and Leisure LLC in new joint venture for the Middle East markets
Dubai, U.A.E –– Valor Hospitality Partners Middle East, a global, full-service hotel management company announced today a highly anticipated partnership with ICD Hospitality and Leisure LLC, a wholly owned subsidiary of Investment Corporation of Dubai that manages a portfolio of commercial companies and investments.
Under a long-term arrangement, the new joint venture, Valor Hospitality Partners DMCC, will scale up operations in the Middle East region by signing new hotel management agreements with hotel owners. Leading global hotel groups have a majority of their hotels under franchise operations, and with Valor Hospitality enjoying preferred status or close partnerships with these hotel groups, the joint venture aims to create more momentum in the industry regionally.
“We are incredibly proud and privileged to partner with ICD in this highly anticipated agreement on the back end of the recent pandemic crisis. Many owners are looking to franchise for growth, and this allows us to further develop our third-party management operations platform jointly in the Middle East region” said Euan McGlashan, CEO and Global Co-founder of Valor Hospitality Partners. “The timing could not be better as the Middle Eastern hospitality and tourism sector has reached a level of maturity for this model to gain traction rapidly. Franchise is largely standard and has enjoyed longevity and success in the USA and Europe, with owners wanting more control and insight into their assets, while it allows hotel brands to scale and grow their footprint faster. We could not ask for a better, more respected partner than ICD” McGlashan continued.
A spokesperson for ICD said “We are pleased to partner with Valor Hospitality on this venture to welcome innovative global organisations who believe and invest in the UAE. Valor brings global knowledge of the business model, deployed through local experts with hands-on experience in the region. The Dubai tourism sector has shown its resilience, particularly during the pandemic over the last two years. This may be a good time to further diversify the hospitality sector, and adapt the way hotel assets are managed, to create more value within Tourism.”
“With Dubai’s reputation as a leading tourism hub it made sense to launch Valor Middle East here in 2018, as it was our intention to bring creative and innovative solutions to the region, making it the first global third-party operator to enter the market” said Julien Bergue, Co-founder and Managing Partner of Valor Hospitality Partners Middle East. “The joint venture with ICD will help us contribute to HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai’s ‘Dubai Vision 2040’, boosting development, tourism investment and innovation in the hospitality sphere as Dubai continues its popularity as a top global destination” Bergue concluded.