The agreement was signed by Michael Lenarduzzi, CEO of The Wave, Muscat, and Abeer Mohamed al Abduwani, board member of OHC, on Wednesday.
Speaking at the ceremony, Abeer, who is also the CEO of Oman Brunei Investment Co (OBIC), said that the Kempinski The Wave, Muscat hotel will offer 309 hotel rooms and 77 hotel apartments overlooking the beachfront.
Construction of the hotel will be begin in the first quarter of 2013, and is scheduled to be completed during the second half of 2015. Kempinski The Wave, Muscat will be positioned clearly above the current comparable set of hotels in the market in terms of finish and design and will compete with the new supply of luxury resorts entering the market, she added.
The new five-star property will also offer 12 restaurants and four retail outlets. The hotel will also offer ballrooms, meeting facilities, swimming pools, spa options, beach-club, gymnasium, ballroom, kids club and bowling facilities.
OHC was established in September this year with the objective of developing hospitality related projects in Oman. The shareholders of OHC, which include OBIC, National Investment Funds Co (NIFCO) and several Omani pension funds, are focused on developing projects that will support the sultanate’s objective of developing the tourism sector.
Covering a plot area of approximately 45,250sq m, the Kempinski will be built to a maximum of six storeys high, including a two-floor basement car park. The total development area will be 79,481sq m.
Commenting on the agreement, H E Eng Sultan bin Hamdoon al Harthy, chairman of The Wave, Muscat, said, When operational, the Kempinski will be a remarkable landmark in Muscat and will significantly support the promotion of Muscat as a tourist destination and The Wave, Muscat as a pioneering integrated tourism complex in the country.
OHC was selected as the investor to develop the hotel from a list of local and regional investors who tendered for the development contract.
Apart from Kempinski, three further hotels will be developed at The Wave, Muscat, including two five-star hotels, the Fairmont and Marina Boutique Hotels, and the four-star Village Plaza Hotel.
Kempinski Hotels is Europe’s oldest and most established luxury hotel collection, with more than 70 properties throughout Europe, the Middle East, Africa and Asia.