Aldar, Movenpick sign deal to develop hotels

The management contract for the first project was also signed at the ceremony, which was held in Abu Dhabi in the presence of Ronald Barrott, CEO of Aldar Properties and Andreas Mattmuller, Senior Vice-President Middle East and Asia, Mövenpick Hotels & Resorts Management FZ- LLC.

The first hotel in this agreement will be a 500-room luxury establishment, located in the heart of YAS Island with close proximity to the island's world-class theme parks including the Ferrari Theme Park, and the Warner Brothers Theme Park. The hotel is due to open in 2010. The other two hotels specified in the overall development contract are currently in the planning stages.