"We are excited to mark our entry into mainland Europe with our first property in Zurich. It is an important milestone in our group's portfolio as we work towards becoming a billion-dollar investment firm by 2020," said Adeeb Ahamed, Managing Director of T14H.
The latest hotel joins a portfolio of USD 750-million worth of luxury property across the UK, the Middle East, and India led by T14H, the hospitality investment arm of LuLu Group, headed by Indian-origin businessman Yusaffali MA.
In the UK, the group owns the Waldorf Astoria Edinburgh, The Caledonian in Scotland and has struck a 110-million pounds agreement with property developer Galliard Homes to create a luxurious five-star hotel at 1-5 Great Scotland Yard, the former headquarters of Metropolitan Police in London.
The new Swiss property will include meeting and event spaces, a restaurant, an indoor fitness centre, and spa area as well as underground and outdoor parking facilities.
It will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract and is the first of many development projects planned by Necron AG's in cooperation with Deutsche Hospitality.
"This is an exciting hotel development and we are delighted to be working in partnership with both Twenty14 Holdings and Deutsche Hospitality. We very much hope this is the start of a successful long-term partnership with both," said Gerard van Liempt, CEO, Necron AG.
The companies involved said the design of the property will be based on the new Intercity Hotels Matteo Thun design standards, and keeping in mind business travellers and tourists, the property will feature modern guestrooms and public spaces.
Thomas Willms, CEO, Deutsche Hospitality, added: "The IntercityHotel Zurich Airport launches our brand in Switzerland and adds a highly attractive location to the portfolio.
"This hotel is symbolic of our growing international presence at strategically important locations and we are delighted to have such a reliable partner as the Twenty14 Holdings on our side."
Twenty14 Holdings said the new hotel is its second property to be operated by Deutsche Hospitality.
The German hospitality firm currently operates T14H's Steigenberger Hotel Business Bay in Dubai.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.