Emaar Hospitality Group plans to manage five new hotels under its The Address brand in the next four years, according to CEO Marc Dardenne.
The company will open hotels in the south of France, Marrakesh, Morocco in 2013, Bali, Budapest and Istanbul the following year.
Dardenne also said that the group was looking at opportunities in China.
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“The strategy is asset-light; meaning we will be a management company and we will be operating the hotels on behalf of the owners,” he told Bloomberg.
“There is no equity investment from our side.”
Emaar is reportedly focusing on recurring income, such as hotel revenue and shopping- mall leases to generate income.
Hospitality revenue at Emaar Properties surged by 50% to AED760m (US $207m) during the first nine months of 2010 compared with the same period a year earlier, according to Emaar’s financial statement.
“We’re looking at 2011 for steady growth” of 8% to 10% compared with 2010, Dardenne added.
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