Manama: Bahrain-based International Investment Bank (IIB) announced that its flagship project Sarajevo City Centre (SCC) – a major mixed-use real estate development based in Sarajevo, the capital of Bosnia and Herzegovina – has signed an MOU with renowned operator Starwood Hotels & Resorts.
SCC is a partnership between International Investment Bank (IIB), a leading investment firm based in Bahrain, and Al Shiddi Group, a Saudi-based business group. Bosnia and Herzegovina is an emerging market in Southeastern Europe with an active economy and a significant Muslim population.
The MOU signed by SCC with Starwood Hotels and Resorts Worldwide concerns the project’s second tower, which houses a luxury 5-star hotel with 227 rooms covering an area of more than 20,000 square meters and built to the highest of standards. The hotel is to be a Westin property, managed according to the principles of Islamic Sharia, and is scheduled for opening in Q1 2016.
SCC is a unique hybrid complex in Sarajevo, comprising several main interconnecting features and occupying a strategic location, with a futuristic and iconic design that differentiates it from other projects in the country. The main building is a shopping mall and an entertainment complex encompassing 5 levels that cover an area of 46,000 square meters. Over the course of the construction, the mall was over 85% leased and now has an eclectic tenant mix, and the 17-storey, 8,600 square meter commercial tower due for completion in Q2 2015, is in the process of being leased.
“This project is one of a kind in the country, and full credit goes to the operations team managing the project on the ground. SCC has already proven to be a success with 85% of the mall being leased prior to completion, housing brands such as Zara, Swarovski, Bershka, L’Occitane, Massimo Dutti, Tissot and Nike to name a few. We are also proud to be stimulating the local economy, having employed over 1,600 Bosnians since the project began. The addition of the Starwood Group Westin property to SCC cements its standing as a quality development in the region, and will serve the high demands of a country that has a booming tourism industry for much of the year,” the Chairman of International Investment Bank, Saeed Abdul Jalil Al Fahim, said.
“Sarajevo City Centre opened in March 2014, and IIB retains an active interest in the supervision of its operations. The project is one of the largest in the Balkan region, and has a fantastic futuristic design which is perfect to house the Westin 5-star property. It also has a prime location in the heart of Bosnia and Herzegovina, allowing shoppers and hotel guests’ easy access to administrative and public institutions, businesses and cultural centers. With the country poised to join the European Union, IIB envisage strong uptake across the retail, commercial and leisure components of the project,” IIB CEO, Aabed Al Zeera, said.