Forte uses management contracts in lieu of fresh capital for hotels

01/18/2010 | Wall Street Journal, The

Veteran hotelier Rocco Forte is using management contracts to finance an expansion into the Middle East and North Africa in light of tight credit markets. Forte will open a five-star hotel in the commercial district of Abu Dhabi, United Arab Emirates, in June and another hotel in Saudi Arabia six months later. "You can't just create opportunities as you want them," he said.

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