Golden Group, Mövenpick partner for new Muscat hotel

Muscat International Airport, Muscat, Oman, Photo credit: Prisad Pillai / CC BY 2.0

Investment firm Golden Group Holding has teamed up with Mövenpick Hotels & Resorts to develop the Mövenpick Hotel Muscat in a mixed-use development in Al Mawaleh. As part of the Muscat-based investment group’s expansion plan, the new hotel will be next to the Muscat International Airport. 

The Mövenpick Hotel Muscat will have 250 guestrooms and 115 services apartments near the offices, apartments and retail outlets of the new mixed-use project. Golden Group invested a total OMR60 million into constructing the approximately 172,223 square-foot development. 

This new partnership falls in line with the investor’s plans to expand through developing partnerships with international hospitality operators. With the addition of this recent hotel signing, Golden Group has a development pipeline of about 1,700 guestrooms set to open in Oman’s major cities over the next five years through similar management agreements.  “Our vision at Golden Group Holding is to distribute the investment portfolio in the hospitality sector across the Sultanate and to create investments with added value and positive impact on the community, creating job opportunities for the Omanis, supporting the local community and contributing to the development, besides revitalizing the national economy,” Sheikh Salim bin Ahmed Al Ghazali, chairman of Golden Group Holding, told Times of Oman. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The group recently opened the Mysk Hotel by Shaza Wave Muscat. In Salalah, construction has already begun on the Shaza Hotel & Resort and is slated for a Q2-2018 opening. Meanwhile, Wave Muscat’s Rayhaan by Rotana and Hotel Centro Sohar are currently being designed. 

Suggested Articles

The latest report from STR shows negative year-over-year results in the three key performance metrics during the week of July 7-13.

Ritesh Agarwal, the company's 25-year-old founder and CEO, has signed a $2 billion primary and secondary management investment round.

By year's end, the Turkish hotel company will have five properties along the Red Sea and Mediterranean.