Luxury hotel chain Oberoi Group will no longer manage The Oberoi Beach Resort, Al Zorah, after the contract between the owner investors and the group was terminated, according to sources familiar with the matter. Employees have been formally notified, marking the Oberoi Group’s exit from the UAE market.This move follows a similar transition two years ago when The Oberoi Dubai was rebranded as Anantara Downtown Dubai, with the hotel’s management transferred to Minor Hotels. Sources familiar with the matter told ET that Managing Director and CEO Vikram Oberoi, along with Chief Human Resources Officer Shailja Singh, visited Al Zorah to brief the teams about the development. The sources added that the owner investors are in discussions with other global hotel chains to take over the management of the property.“EIH Holdings Ltd., a subsidiary of EIH Limited and the operator of The Oberoi Al Zorah, along with Al Zorah Development Private Company Ltd., the owner of the Hotel, jointly informed employees yesterday that both parties have mutually and amicably agreed to terminate the management contract for The Oberoi Al Zorah, effective 28th February 2025,” said a Oberoi spokesperson.Al Zorah Development Private Company Ltd. has assured employees that they will be retained by the company moving forward, the person added. EIH Limited, the flagship company of The Oberoi Group posted revenue from operations of INR 526.5 crore in the quarter ended June, up from INR 498 crore in the year earlier. The chain posted a profit of INR 97 crore for the quarter ended June, down from INR 106 crore.
Published On Sep 21, 2024 at 01:00 PM IST
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