A Dubai based real estate developer is looking for investors from Pakistan to invest in holy cities across Middle East including the first five-star luxury hotel in the holy city of Karbala, Iraq. Introducing the project to media at a local hotel, Range Hospitality Business Development Director, Shafaat Rasool Hashmi said.
"Al-Rawdatain residences and hotel project currently under-construction is a good investment opportunity for those Pakistanis who want to put their money in global projects of religious tourism. It is niche market, which has remained unaffected by wars and global recession."
The hotel residences project, launched in August 2010, with 624 apartments offers Shariah complaint fractional ownership and is expected to be completed by the end of next year. Managed by Shaza Hotels, it will be ground-plus 12 hospitality project spread over an area of 65,000 square meters and is located less than a kilometer away from the holy shrines. Given the gap in demand and supply for residences near the holy shrines in Karbala, Hashmi said.
"The property is likely to fetch high rents considering the current $300 pre-night rate charged by two star hotels. In view of current market trends you can expect a net return on investment (ROI) of upto 20%. Moreover you are likely to recover your total investment within the first five years." Range Hospitality was founded to develop hospitality projects in emerging markets and areas that benefit from significant volumes of pilgrims. Range Hospitality's ethos is to provide the highest quality of international standard services to its guests and is a socially responsible investor - at all times ensuring its developments adhere to important local customs.
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