| Member Options |
|---|
| Property Search | |||||||||
|---|---|---|---|---|---|---|---|---|---|
|
| Real Estate News |
|---|
 |
Qatar’s property market maturing well AFP’s project under highly accelerated construction plan Realty Capital announces completion of 5th podium of i-Rise |
Hotel investment of AED1.83b by Reef Real Estate
- June 28, 2006, 11:57 pm
UAE-based Reef Real Estate Investment Company will invest Dh1.83 billion ($500 million) in two years in up to 10 new economy hotels that will be managed by Corp Executive Hotels, a new hotel management firm in which Reef has a 50 per cent stake.
Corp Executive Hotels, unveiled yesterday in Dubai by Reef and its partner Coral International Hotels, will operate budget hotels serving mainly business travellers both in and outside the UAE.
The company will manage five to 10 properties in the UAE owned by Reef.
“We have two hotels under construction. Three are in the design stage and five are under planning,” Reef managing director Shaikh Ahmad Mohammad Al Nahyan told Gulf News.
The first Corp hotel will be ready in early next year in the Al Barsha area of Dubai, and the second hotel is being developed in Business Bay.
Main target
“Our target is to have 2,000 hotel rooms by 2008,” Shaikh Ahmad said.
Reef will invest $200 million in hotels in the next 18 months and has earmarked $300 million for 2008.
The company is also planning Corp hotel projects overseas and additional sites have been identified in Jordan, Lebanon and Egypt.
“We are looking at various international markets for the brand’s future growth.
“We are seriously looking to have a hotel in India,” Shaikh Ahmad said.
Speaking alongside Coral managing director Michel Noblet, Shaikh Ahmad said the new company will manage assets “uniquely suited” to business executives.
Corp is promising a “new generation of practical, safe, clean and affordable hotels.”
The gap between demand and supply of hotel rooms in the city was 16,000 last year, Shaikh Ahmad said.
Like Coral hotels, Corp hotels will not serve alcohol, Noblet said, adding that being alcohol-free was a factor in high occupancy rates at Coral properties.
Related News
Nakheel Announces Completion of Djibouti Palace Second Phase
IFA Hotels & Resorts signs loan agreement with NBD
ALDAR signs agreement with Oberoi Hotels and Resorts
Millenium’s Kingsgate brand expands
Flora Group Hotels to unveil Dubai property at ATM
Latest News
Tameer announces ground breaking of Platinum Towers
Baniyas Investments awards contract to Saunders Global
ARRA sets deadline for the developer’s registration
Omniyat Properties current CEO to step down
Damac announces Completion of enabling works at Lincoln Park
| Currency Converter | |||||
|---|---|---|---|---|---|
|