Mövenpick Hotels & Resorts will open a new property in Basra early this year as it looks to capitalise on the city’s status as Iraq’s economic capital and a regional oil and gas hub.

The firm has signed a deal to manage the five-star Mövenpick Hotel Basra, a 152-key property that is on track to open in the first quarter of 2018.

Located in the centre of Basra, within the commercial district of Al Baradi’yah and 25km west of Basra International Airport, the new property aims to fill a gap in the market for upscale hotels.

“Basra is one of the Middle East’s fastest-growing economic centres, a major oil producer and is undergoing rapid infrastructure development, so the time is right for Mövenpick to cement its presence in this flourishing city,” commented Olivier Chavy, president & CEO, Mövenpick Hotels & Resorts.

“Our upcoming property will cater to pent-up demand from the corporate sector, which contributes around 90% of hotel demand in Basra due to the high volume of oil and gas and shipping companies based in this booming region of Iraq.”

Mövenpick Hotel Basra will feature high-quality rooms and suites, dining venues and facilities that target corporate guests, investors and local companies operating in Basra, which include some of the world’s largest multinational energy firms.

Amenities will include one all-day dining and one specialty restaurant; an executive lounge and a lobby lounge; a meetings and events area featuring a 700-square metre ballroom, multi-functional hall and meeting room; an indoor swimming pool, gym, spa, and beauty salon; and a retail area.