Bin Talal keen to buy Sheraton or Sonargaon

[reverse_swing]

KHAWAZA MAIN UDDIN

Prince Alwaleed Bin Talal of Saudi Arabia on Tuesday proposed that the Bangladesh government should sell to him one of the two five-star hotels  Pan-Pacific Sonargaon and Dhaka Sheraton  as his first major step towards long-term investment in the hospitality sector.
The fifth richest man in the world also expressed willingness to build one five-star hotel each in Dhaka and Chittagong over the next 3-4 years.
Talal, who made a five-hour stopover in Dhaka, made the proposal during his meeting with the state minister for civil aviation and tourism, Mir Mohammad Nasiruddin, in the evening. The foreign minister, M Morshed Khan, was also present at the meeting.
The ministers assured the Saudi prince that the government would consider his proposal.
Bin Talal, chairman of the Kingdom Holding Company, asked his companys vice president on acquisition and development, Nikos Hadjos, to make further contact with the Board of Investment as mandated by the government for negotiations on investment.
Since setting up of two five-star hotels will take 3-4 years time, Prince Bin Talal wanted to make immediate investment through outright purchase of one of the two hotels, be it through a complete renovation of Sonargaon, the BoI executive chairman, Mahmudur Rahman, told reporters after a dinner hosted by Morshed in the honour of the prince.
Members of Talals entourage said Dhaka needed at least another five-star hotel according to their assessment.
He has shares in a number of world-class ventures such as Disneyland Paris, the Four-Seasons Hotel chain, TimeWarner, Apple Computer, Ford, Motorola, Kodak and Pepsi.
The foreign minister termed Saudi Arabia a friend in distress and partner in progress and urged the prince to make investment in a brotherly country like Bangladesh. Bin Talal himself is reportedly the largest individual donor for the tsunami victims.
Mahmud also made a country presentation focusing on the economy and investment climate, seeking Bin Talals investment in a number of sectors, including tourism, infrastructure, banking and health services.
Meetings with ministers and dinner at the Sonargaon Hotel over, the prince went to see the Sheraton Hotel for himself before meeting the prime minister, Khaleda Zia, at her office.
Bin Talal arrived in his personal jet at Zia International Airport at 4:50pm and was scheduled to leave at 10:00pm.
-Newage

[chyicarus]

so that he can put the Islamic fundamentalists in 5-star hotels?
no pun intended!!!

[nasifkhan]

Originally posted by chyicarus
so that he can put the Islamic fundamentalists in 5-star hotels?
no pun intended!!!

yes bhai...

you r exactly right.... apne ekdom thik kotha bolse....

Apnar to buddi onek..........

[little_master]

Why Bangladesh has to sell 5-star hotels to Saudi tycoon!?!:duh:
Does Bangladesh need to do so?
Foolish proposal indeed...
If he wants to build 2 five-star hotels in Chittagong and Dhaka, that is welcome. But why to buy?

[Fazal]

Originally posted by little_master
Why Bangladesh has to sell 5-star hotels to Saudi tycoon!?!:duh:
Does Bangladesh need to do so?

Good question. And the answer is 'No'. Will they(bangladesh) do so? That is the more tricky question.

Originally posted by little_master
Foolish proposal indeed...
If he wants to build 2 five-star hotels in Chittagong and Dhaka, that is welcome. But why to buy?

I doubt its a Foolish proposal. Actually its a shrewd proposal. If the Gov, accept it, that will be stupid.

Why you go through all the hassle and spend twice the price to build it, if you somehow manage to get it half the price? Would you?


Edited on, March 16, 2005, 2:59 PM GMT, by Fazal.

[couger]

Originally posted by little_master
Why Bangladesh has to sell 5-star hotels to Saudi tycoon!?!:duh:
Does Bangladesh need to do so?
Foolish proposal indeed...
If he wants to build 2 five-star hotels in Chittagong and Dhaka, that is welcome. But why to buy?

Why not? Set the price at 100 times what its worth and sell the damn thing. Profits from these aren't going towards any development anyway.

[Fazal]

Is Bin Talal next to kin of Bin Laden?

Edited on, March 21, 2005, 10:10 PM GMT, by Fazal.

[mb444]

These hotels are loss making ventures. Sell the damn things and divert funds towards economic development elsewhere.

Hotels are not strategic installations that merits any sort protection.