Change Edition

Hotel Le Royal gets 40m euro facelift
Economics

Hotel Le Royal gets 40m euro facelift

18.03.2015 From our online archive
Luxembourg five-star hotel Le Royal is undergoing a 40-million-euro renovation, financed by Dubai bank Emirates Capital.

Luxembourg five-star hotel Le Royal is undergoing a 40-million-euro renovation, financed by Dubai bank Emirates Capital.

The information was revealed by travel portal Travel Daily News.

It reports that the 210-bed hotel belongs to 77-year-old businessman Nadhmi Auchi, who runs General Mediterranean Holding Group, a conglomerate of 120 companies.

Auchis, who is from the UK and has Iraqi origins, is estimated to have a personal fortune of 2.2 billion USD, according to Forbes.

The renovations at the hotel are expected to be completed before Luxembourg takes Presidency of the Council of the EU from July 1, 2015. 

Translated from an article by Maxime Lemmer

Do not miss the news - sign up to receive thewort.lu newsletter in English  delivered to your inbox six days a week.