Business News
Kuwaiti businesswoman to convert German castle into luxury hotel
Jun 16, 2010, 14:18 GMT
Baden-Baden, Germany - The Kuwaiti owner of a picturesque southern German castle on Wednesday set in motion renovation work to turn the site into a luxury hotel.
The castle, situated over the German spa resort of Baden Baden, was bought in 2003 by Fawzia Al-Hassawi, the daughter of Kuwaiti businessman Mubarak al-Hassawi.
The 14th century building, named New Castle, had been seriously neglected and risked collapse, as the local count, Max of Baden, had no longer been able to pay for its upkeep.
The renovations, which are due to cost around 80 million euros (98 million dollars), will include not only the repair and upgrade of the castle, but also the addition of a new building to the complex, which will offer luxury accommodation in 129 rooms.
'This is a special day for Baden Baden. I am sure the castle will become an attraction again for our town,' mayor Wolfgang Gerstner said.
Al-Hassawi said three international hotel chains were bidding to run the complex.
A day earlier, however, another luxury hotel in the region announced its decision to close at the end of August. Guests of the upmarket Buehlerhoehle hotel had included former US president Bill Clinton, but managers said it had never made a profit.
Al-Hassawi is confident that her project will be successful.
'The New Castle is something special. The project will not fail,' she said as the renovation work got underway.

COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
