Switzerland-based luxury hotel company Aman Group is actively seeking to secure $2bn in fresh capital to accelerate its global expansion, particularly in the Middle East and Africa.
The company, which has seen substantial investments amounting to approximately $1.3bn over the past three years, is focusing on developing 23 new hotels and expanding its Aman Residences portfolio, reported Bloomberg News.
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Aman CEO Vladislav Doronin said in an interview: “We are working to expand the brand and we’re working with different investment funds and in negotiation with a few different groups.”
In 2022, Aman Group received a significant boost with a $900m investment from Saudi Arabia’s Public Investment Fund (PIF) and Cain International, a UK-based property investment firm.
This was followed by a $360m investment in 2023 from Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund Mubadala Investment Company, and Alpha Wave Ventures, co-run by Alpha Wave Global and Chimera Capital.
The company, which launched its first resort in Phuket, Thailand in 1988, has utilised the Gulf investments, to initiate development projects across the Middle East.
Aman Residences is set to offer a collection of mansions in Saudi Arabia’s capital and two luxury towers in Dubai.
Additionally, the company is constructing three Janu properties in the region, including a 150-room hotel in the financial district and hotels in AlUla and Diriyah’s historic sites.
Aman Dubai, a private members club featuring a beach and a large spa, is also in the works.
The company is in the final stages of discussions regarding the structure of the latest fund, as per a spokesperson.
Aman Group is planning to attract both institutional investors and high-net-worth individuals to support its expansion strategy.
In February 2024, construction commenced on One Beverly Hills, a mixed-use hotel complex in Los Angeles County, California, US.
This project, developed in collaboration with the City of Beverly Hills, Aman Group, RIOS Architects, OKO Group, Hilton, and Kerry Hill Architects, aims to integrate the existing Waldorf Astoria Beverly Hills with the Beverly Hilton.
