LuLu Group strikes Switzerland hotel deal

Dubai-based Lulu Group which is owned by an Indian business tycoon has announced its entry into mainland Europe after a new agreement with a Switzerland-based real estate company to develop a new four-star hotel in the Swiss city of Zurich.

Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi based LuLu Group International, said on Friday that it has entered into a forward purchase contract with Necron AG for the upcoming IntercityHotel Zurich Airport in Rmlang municipality of Zurich.

The company said its new purpose-built, 260-room hotel, set to open in 2020 and will be located close to Rmlang station and offer good transport links, including access to Zurich International Airport in 10 minutes and the city centre in 15 minutes.

"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