Parsian Kowsar International Hotel first opened its doors in 1971 and has completed its 4-phase development plan to become the first Hotel in Iran to join the FaraBourse Exchange Market to offer 15 percent of its shares by its Initial Public Offering (IPO). This news was announced in an interview with www.howtoinvestiniran.com website on the last day of FINEX 2017, Tehran’s International Exhibition of Exchange, Bank & Insurance by the hotel’s Managing Director Mr. Mohammad Ali Abo-Talebi whom also communicated to reporters that in 2016 (1395 Solar Calendar) sales increased by 35 percent and revenues by 40 percent.
Mr. Abo-Talebi continued on to state that the number of rooms available to guests has increased from 194 rooms to 225 and that with the opening of Simin, a 24/7 restaurant, there is a bright prospect for the complex’s shareholders.
The CEO of the 11 Billion Tomans Hotel also confirmed news of an increase in shares with goals to increase sales by 30 percent in the coming year.
The hotel’s proximity to the Zayanderud (Zayandeh River), being a 5-star hotel, and its strong reputation are some of the hotel’s competitive advantages according to Mr. Abo-Talebi. Furthermore, the CEO stated that the International Hotel has the highest accommodation capacity in the province at a rate of 84 percent which is higher than the industry standard of 75 to 80 percent. Plans have also been made to maintain the hotel’s occupancy rate at 80 percent in order to benefit from a steady stream of revenues.
Renovations are currently underway on the second floor of the hotel’s older building which reminded Mr. Abo-Talebi to reiterate the importance of such activities in the industry; if regular updates and renovations do not take place, or quality is not monitored by management in all aspects, definite failure is imminent in the hotel industry.
Parsian Kowsar Hotel has always been recognized as among the top hotels in the country however, now it will also be remembered as the first hotel in Iran to offer an IPO and launch its shares to the general public.