The development site is located on Konigsallee, a boulevard known for its shopping, dining and cultural amenities. A breakdown of the square footages for each component was not readily available Friday afternoon. The project is slated for a late 2007 opening.
To operate the hotel, Pearl of Kuwait Real Estate has selected Horst Schulze's West Paces Hotel Group, the company he formed after stepping down as COO of the Ritz Carlton Hotel Co. in 2002. Several Ritz Carlton executives joined Schulze at the new company. The hotel will fly the flag of Schulze's new brand, Capella Hotels & Resorts.
According to the Kuwait Stock Exchange, Pearl of Kuwait Real Estate has signed a $109-million construction contract for the project and has preleased all the retail space. The total yearly revenue from the completed project is expected to be $11.85 million, according to KSE.
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