Emaar Properties, Dubai's largest listed real estate developer, is watching the markets closely to make a decision on a time frame for listing its hotels business, the company said on Thursday. "The timing of the IPO will be dependent on the market conditions. We are watching the markets closely and will take a decision to list at the appropriate time," an Emaar spokesperson said in an emailed statement to Reuters.
Dubai-based real estate development company Meraas Holding on Tuesday signed an agreement with Bulgari Hotels and Resorts to bring the luxury hospitality brand to Dubai. The Bulgari Hotel in Dubai will be the world’s fifth Bulgari Hotels and Resorts property and will follow in the footsteps of Milan, Bali, London, and Shanghai and is anticipated to open in 2015.
Hilton, Waldorf Astoria and Shangri-La are all making major investments in previously sleepy outposts such as Ras al Khamiah as well as hot new locations like Saadiyat Island, both in the UAE. But one local company has a head start on the big global players coming late to the game. Rotana Hotels is an Abu Dhabi-based chain that has been growing at an aggressive rate since it was founded by business partners Nasser Al Nowais and Selim El Zyr in 1993.
Alfardan Hospitality and Kempinski Hotels have signed a deal to launch a five-star hotel on The Pearl, Qatar. The development, Marsa Malaz Kempinski - The Pearl, Doha, spans 500,000ft2 and will overlook The Pearl, Qatar and the Arabian Gulf. Marsa Malaz Kempinski is the second project to be undertaken by Alfardan Hospitality in partnership with renowned international hospitality group Kempinski Hotels, who collaborated on the development and management of Doha’s tallest hotel tower, the Kempinski Residences and Suites.
Speaking exclusively to Natalie Hami, CEO, Katara Hospitality, Hamad Abdulla Al-Mulla shares the hotel giant’s plans for the brand new year, 2014 TTG: What is Katara Hospitality’s main focus for 2014? We, at Katara Hospitality, believe that with our breadth of operations – geographically and across market segments – and our range of investments, we are well positioned for another successful year ahead. We have several important openings scheduled for 2014, including the opening of the Merweb Plaza Hotel in Doha, The Peninsula Paris and the Excelsior Hotel Gallia in Milan.
The Atlantis Hotel resort on Dubai’s Palm Island is preparing to be sold by Istithmar, the investment arm of Dubai World, according to Construction Weekly. The Investment Corporation of Dubai is currently in talks to purchase the Atlantis as part of a bid by the government to buy off domestic assets in debt. While no price has been set for the resort, Istithmar took control of the property last year when it purchased a 50 percent stake in the hotel for $250 million, a stake previously held by Kerzner International.
Capitas Group International (CGI) has announced the signing of an exclusive joint venture (JV) agreement with IFA Hotel Investments (IFA HI), targeting the development of Yotel branded hotels across the Kingdom. IFA HI is the majority owner of Yotel, a specialized international hospitality brand, headquartered in the UK. Considered the “iPod” of the hotel industry, Yotel’s rooms provide a flexible and convenient first class experience in a modern, efficient and comfortable space. Situated in both airport and city center locations, YOTEL hotels currently operate within Heathrow and Gatwick airports, Amsterdam Airport Schiphol and in New York’s Times Square.
Qatar is in talks to buy US-based Colony Capital’s stake in Fairmont Raffles Hotels International, the privately held hotel group, as part of the Gulf state’s strategy to diversify from hydrocarbons and into the luxury hospitality industry. “I don’t think it’s any secret that we’ll be increasing that stake,” Christopher Knable, chief operating officer of Katara Hospitality, the rebranded hotels arm of Qatar’s sovereign wealth fund, said in Dubai.
Dubai is all set to open newer horizons in the tourism and hospitality sector with a novel initiative to develop underwater hotels. Drydocks World, the shipbuilding arm of Dubai World, said on Wednesday it has signed a deal with Big Invest Consult, a Swiss company, to develop underwater hotels and floating cities. The deal was inked at the Annual Investment Meeting held at the Dubai International Convention Centre. “The project is based on a unique concept that aims to provide the ultimate leisure experience and opens new horizons in tourism and housing in coastal areas, adding commercial value, while aiming to preserve the marine ecosystem,” Drydocks World said in a statement.
Starwood Hotels and Resorts has signed an agreement with Al Habtoor Group to open three hotels in Dubai, including the emirate’s first St. Regis and W branded properties. Located within the US $1.4 million Habtoor Palace complex on the site of the old Metropolitan hotel - currently being demolished – on Sheikh Zayed Road, the 1 million sq ft development will include the 241-key St. Regis Dubai, the 384-key W Dubai – Sheikh Zayed Road, and a 966-key The Westin Dubai Sheikh Zayed Road - all scheduled to open in 2017
Al Habtoor Group, a UAE-based diversified conglomerate, will solely fund the world’s first Fashion Hotel in Dubai and is currently working with Fashion TV to finalise the location within the emirate, Emirates 24|7 can reveal. “Fashion TV has made the concept designs, but not the detailed design. This will take some time. We also need to agree with Fashion TV management pertaining to location,” said Mohammed Al Habtoor, Vice-Chairman and CEO of Al Habtoor Group.
The Rocco Forte Hotel Abu Dhabi is a visually striking glass structure of fluid lines encasing 281 generously-sized bedrooms, with Abu Dhabi's largest spa, and three unique dining destinations, blending seamlessly into the future commercial district of the Emirate's capital. The group's first hotel in the Middle East is on-track to open its doors by the 4th Quarter 2011.
Michel Noblet, President and CEO of the group, said, “Despite all the hiccups — first the global economic recession and now the Middle East political crisis — we will have 50 hotels operational before the end of the year and several of these will be unveiled during the Arabian Travel Market (ATM) in May. We are extremely pleased to reach this milestone as until now most of the hotels were only on the drawing board but today they stand ready to welcome their first guests.”
Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud announced the development of the second Four Seasons Hotel Riyadh at "Kingdom Oasis" will be the center piece of a 3.8M sqm residential development part of the of "Kingdom Riyadh Land" that is16M sqm, will be offering unparalleled living community experience in Riyadh.
Saudi Prince Alwaleed bin Talal’s support for Palestine took a step further with the opening on Jan. 11 of a Movenpick hotel in Ramallah, the administrative capital of the Palestinian National Authority. Alwaleed, a nephew of the Saudi king and an investor worth $19 billion as of Forbes 2010 World’s Billionaires List, owns a 33% stake (through his Kingdom Holding Company) in Movenpick’s management arm. (The picture above with Palestinian National Authority President Mahmoud Abbas was taken during an earlier visit with Alwaleed.)
A Kuwaiti-owned company is planning to roll out a global expansion of the Yotel "pod" hotels over the next five years. The announcement comes as the industry picks up worldwide and the company readies to open its US$300 million (Dh1.1 billion) Yotel property in New York's Times Square next year. IFA Hotels and Resorts, which is the majority investor in Yotel, says the brand is looking at launching between about 30 and 40 of the hotels over the next five years.
Dubai will need to attract an additional 2.5 million tourists annually to absorb an estimated 60 percent increase in hotel rooms over the next five years, Deloitte LLP said. Dubai, which has around 50,000 rooms, may struggle to maintain occupancy and rates as a further 30,000 rooms are likely to be added, said Alex Kyriakidis, the New York-based consulting company’s global managing director of Tourism, Hospitality & Leisure.
Nearly all 10 planned hotel properties on Dubai’s Palm Jumeirah archipelago have seen setbacks. The US$12-billion artificial island is a flagship project constructed by United Arab Emirates-based developer Nakheel, a subsidiary of the Dubai government that sent shockwaves throughout the region after defaulting on US$26 billion dollars of debt last November.
Fashion giant Armani is due to unveil its newest collection -- not of clothing, but hotel suites. The luxury label is making its mark in the hotel industry with customary style -- opening its hotel in Dubai's 1.5 billion dollar Burj Khalifa, the tallest tower in the world
More hotels are expected to change hands in Dubai in 2010 following a sharp slowdown in hotel investment last year, as economic conditions improve and demand rises for cheap assets. However, experts say that investment activity in Dubai's hotel sector is still likely to be relatively low due to the profile of owners in the emirate and rigidity of the market.