IFA Hotels & Resorts acquires majority stake in YOTEL

YOTEL, the world’s most radical hotel concept, has confirmed that it will open its first two hotels at Heathrow and Gatwick in the UK by mid 2006. This follows a major investment in YOTEL by IFA Hotels & Resorts, facilitated by Univest Group. The long awaited YOTEL concept is set to change the hospitality industry, and will be developed throughout the world in prime city centre and airport locations. A third hotel is planned to open in central London in 2007 and international sites are under negotiation.

YOTEL was founded by Yo! founder Simon Woodroffe and YOTEL CEO Gerard Greene who were keen to develop a product that offered low cost luxury accommodation.

“We are extremely excited by the recent investment of IFA Hotels & Resorts which will facilitate our global expansion plans, and with our agreement with BAA, one of the leading airport operators in the world. These agreements with major international corporations create a solid foundation for the future of YOTEL,” said Gerard Greene.

Talal Al Bahar said, “IFA Hotels & Resort’s mission is to provide a truly outstanding international network of tourism opportunities to global consumers, beyond our existing presence in South Africa, Zanzibar and the Middle East. This latest development is another example of our commitment to ensuring superior quality through partnering with other industry innovators.”