Tala Bay developer JPTD acquires Radisson Blu Hotel for JD 22.5 million

(Amman, February 24, 2015): Jordan Projects for Tourism Development (JPTD), the developer of the integrated Aqaba lifestyle complex, Tala Bay, signed an agreement with Moon Beach Company to acquire its ownership shares for a total investment value of JD 22.5 million. The agreement was signed by JPTD’s Managing Director, Mahmoud Zuaiter, and the Vice Chairman of Moon Beach Company, Mones El Madani.

Moon Beach Company is the owner of the renowned Radisson Blu Hotel in Aqaba, which JPTD recently acquired together with the Marina Plaza hotel, both of which will now form an integral element of the Tala Bay project.

“The acquisition of Moon Beach Company and its flagship project, the Radisson Blue Hotel, falls in line with our new strategic philosophy, which we adopted in 2014 in an effort to fundamentally revolutionize our operations,” commented Mahmoud Zuaiter. “Given the importance of Tala Bay and its positioning as a unique and self-sufficient lifestyle destination, it is essential to provide our residents and visitors with a diverse range of luxury accommodation options that reflect the identity of the Tala Bay brand.”

Mones El Madani, the Vice Chairman of Moon Beach Company, stated that this agreement is an essential step forward not only toward the realization of JPTD’s lofty vision but also in the long-term interests of the rapidly-growing city of Aqaba, which is being positioned as a leading tourism and investment hub in the region. He noted that the presence of integrated lifestyle destinations like Tala Bay is paramount to the long-term development in the city, especially when they offer world-class accommodations with unparalleled service standards.

“The strategic partnership between Moon Beach Company and JPTD signals a new chapter in both our histories and is an essential evolution in our business model, one that we are certain will facilitate the continued growth of our operations,” he added.

JPTD had originally announced its acquisition plans during an extraordinary General Assembly meeting it held on February 4, 2015, which also saw the company announcing its plans to increase its capital by an amount of JD 30 million to a total of JD 51.5 million, with the additional capital being sourced from its two key investors, Abujaber Group and Orascom Development Holding. The company also emphasized the core objectives of its new vision during the meeting, highlighting its intent to broaden the scope of its investments and to lay the foundation for a more aggressive investment and marketing approach.

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