Iran Tourism Development Company sold the former 5-star 370 rooms InterContinential Hotel in Tehran (plus three of its other smaller hotels and complexes) to an unnamed Iranian investor through a tender process for $130 million.
The base price for Laleh Hotels (the new name of InterContinential Hotels after Iranian revolution) has been $95 million and had been advertised on Iranian English papers (PDF), their website, as well as other sources like MEED. It was open for foreign bids as well.
To see more investment firms from the Middle East check our Middle East investors directory)
This is how Lonely Planet describes Laleh Hotel: “At the northeastern corner of Bagh-e Laleh, this place was once the InterContinental and still has some of Tehran's best rooms, everything you'd expect in a five-star establishment, plus a great location and amazing views of the city.”
The price range sounds about right: last year Dubai-headquartered Kingdom Hotel Investment acquired the Four Seasons Hotel in Langkawi, Malaysia for $114 million.
Iran has started a privatization program which can be followed on www.IPO.ir (not the IPO that you know, but the one standing for Iran Privatization Organization). So feel free to shop for hotels in Iran, but don’t forget the uniqueness of the place: This is how Lonely Planet ends its review on the Hotel: “The pool, like the bar, is a dry argument.” ...
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