Arjomand Group is a United Arab Emirates (UAE) based investment management platform with offices across Europe & Gulf Cooperation Council (GCC) countries. Through its equity investment, Arjomand Group will receive a minority ownership interest in CHG and Farooq Arjomand, Founding Chairman & CEO of Arjomand Group, will be appointed as a member of Cachet’s Advisory Board.
Mr. Arjomand also serves as founding member of Emaar Properties -the largest real estate development company in the United Arab Emirates (UAE) with more than US$20.0Bn of assets and US$3.8Bn in revenue and featuring the Burj Khalifa, the tallest building in the world, as one of its noted projects. Mr. Arjomand is also Vice Chairman of DAMAC Real Estate Development (DFMGI), a publically traded luxury residential, leisure and commercial developer in Dubai and the Middle East with more than US$6.3Bn of assets and US$2.3Bn in revenue. DAMAC properties offer luxury amenities such as interior design by international fashion house VERSACE and Tiger Woods for championship golf course design.
Arjomand Group’s investment will support CHG’s growth as it scales its global operations and broadens Cachet’s footprint in Asia, the Americas and the Middle East.
“Arjomand’s investment expertise combined with CHG’s track record of branding and operating lifestyle hotels will form a dynamic relationship.” said Robert Roche, Chairman of Cachet Hotel Group. “We are pleased to partner with Arjomand Group and look forward to working on future opportunities that will enhance and strengthen this ongoing partnership.”
By joining forces, CHG and the Arjomand Group will grow CHG’s collection of hotel, restaurant and nightlife brands in the United States and Middle East. By strengthening the brand’s foundation in key gateway cities and resort destinations, CHG currently has a robust pipeline of 29 new hotels in development, comprised of 4,100 hotels keys and 1,008 branded residences, 2,100 of which are signed, under construction, or have an executed letter of intent, scheduled to open through 2019.
“Cachet Hotel Group has become one of the fastest growing hospitality management companies in Asia and the Americas,” said Farooq Mahmood Arjomand, Founder of the Arjomand Group. “We look forward to embarking on a mutually successful collaboration.”
“Farooq Arjomand’s expertise in real estate and hospitality will position Cachet for powerful growth on a global scale,” said Alexander Mirza, President and CEO of Cachet Hotel Group. “We look forward to launching the Cachet Brand in new markets in the Middle East and India.”
Recently, CHG announced its expansion into the Americas with flagship property Cachet Corazon in Cabo San Lucas, Mexico. Owned and developed by Cabo Villas Beach Resort and Spa, the highly anticipated project will mark CHG’s first resort destination. Cachet Beach will launch in Fall 2016, with Cachet Deluxe hotel to open in early 2018 as a fully-integrated resort experience.