LoftWerks (LFWK) Announces New Projects in the Middle East Region
WINDSOR, ON, Apr 21, 2006 (MARKET WIRE via COMTEX) -- New LoftWerks (OTC: LFWK) CEO Steve Sulja in Windsor, Ontario announces today that Consultech Construction Management Inc.'s Director General Petar Vucicevich has been in the Middle East for the past 4 days completing negotiations for the land and construction of a 280 room exclusive luxury hotel on the Al Reem Island, in Abu Dhabi, UAE.
Tracey Banumas, Director of Operations for CCMI stated that the cost of acquiring the land on Al Reem Island is $29M, cost of construction of the luxury hotel is estimated at $645M, both the land and financing for this project have been secured as of yesterday. The anticipated start date on the hotel construction will be mid 2007, and to be completed by mid 2009. Abu Dhabi, United Arab Emirates is one of the busiest and fastest growing areas in the world. Average hotel occupancy rates in Abu Dhabi are over 92%, and increasing steadily with the onset of businesses moving into the new hub of the Eurasian market.
Vucicevich states that expanding Consultech's business reach into the Middle Eastern market is gaining momentum, and further ventures and business opportunities are underway for this region.
Contact:
Kore International Management Inc.
1-866-658-KORE
SOURCE: LoftWerks, Inc.
. |
