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Minor International Invests 49% in Hotel and Mixed-Use Project in Mozambique

August 8, 2014 Hotel News No Comments Email Email

Minor International Public Company Limited (“MINT”) announced the acquisition of 49% of Rani Minor Holding II Ltd., a joint-venture company with Rani Investment LLC, a Dubai investment firm.

Rani Minor Holding II Ltd. will own a hotel and mixed-use development project in Maputo, the capital city of Mozambique. The total investment amount in the project by MINT is approximately USD 101 million.

The project in Maputo consists of a 154-key Radisson Blu Hotel, which is currently operational, together with a 187-key residential tower and approximately 20,900 sq.m. 21-storey office tower, both of which are under construction. As capital city of Mozambique, Maputo is expected to reap the growth benefit due to the country’s robust economy buoyed by foreign investment and emerging domestic consumption, growth in the extracting sector and recent discovery of substantial offshore natural gas reserve. The project is well-located within five minutes from the Maputo CBD, facing the renowned Maputo Bay and fronting Avenida Da Marginal, one of the city’s main arterial roads. The Radisson Blu is currently one of the best performing hotels in Maputo. The residential project is expected to be completed by the end of 2015, the major ity of which will be retained as rental units. The office project is also expected to be completed by the end of 2015 and will cater to pent-up demand for international-quality office space.

This project is the fifth property of MINT under collaboration with Rani Investment LLC in Mozambique, since the announcement of the 25% investment in Anantara Bazaruto Island Resort & Spa, and another three properties which will eventually be rebranded into AVANI Pemba Beach Hotel & Spa, Anantara Medjumbe and Anantara Matemo Island.

Rani Investment LLC is the investment arm of Aujan Group Holding with more than USD 300 million of dedicated investments in the Middle East and Africa. Rani Investment LLC is the largest private hospitality owner-operator in Mozambique, having first established its presence in 1999 under the Rani Resorts name.

William E Heinecke, Chairman and Group CEO of MINT commented, “This strategic partnership with Rani Investment completes our expansion in Mozambique. With our presence in Maputo, we now have investments from the north all the way to the south of Mozambique. The investment reiterates our confidence in the growth prospects of Africa, and the confidence in our partner, Rani Investment.”

Dillip Rajakarier, CEO Minor Hotel Group, added, “We expect Minor Hotel Group’s expertise in hotel and real estate industry to help further strengthen the overall performance of the project while Rani’s business expertise and network in Mozambique will help ensure the effective execution of the development plan. Strengths of both partners should contribute to the success of the joint venture.”

Salim Bitar, CEO Rani Investment LLC, added, “We are delighted to broaden our partnership with the Minor Hotel Group to include our expanding portfolio of commercial and hospitality properties in Mozambique. This joint venture demonstrates our commitment to continue to play a leading role in the sustainable growth and development of the tourism and hospitality sector in the country.”.”

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