Al Waleed Investment Group announced on Wednesday the launch of a new unit to acquire hotel projects in Dubai for investment.
Al Waleed Hospitality said it has acquired its first hotel project - the 180-room Splendid Hotel in Oud Metha - which will be renamed Al Waleed Palace Hotel Apartments.
The new unit aims to acquire luxury hotel projects with "high investment feasibility", the company said in a statement.
It said the Al Waleed Palace Hotel Apartments would be the first of a number of acquisitions and intends to raise its assets in Dubai to more than 500 rooms by the end of the year 2014.
Al Waleed Group said in a statement that it is currently in negotiations with investors to acquire some properties in the Al Barsha area.
Mohammed Abdul Razak Al Mutawa, chairman of Al Waleed investment, said: "Our aim through Al Waleed Hospitality is to focus on providing the best levels of luxury services to our customers.
"Our hotel services specialised in the high quality standards reflects a new experience in the hospitality industry at the level of the local market in Dubai."
Earlier this month, Ernst & Young said in a report that the Saudi city of Madinah was the best performing city in the Middle East for hotel investment.
It said the holy city had the highest growth in average room rate in the first quarter of 2012, increasing 14.9 percent to $170, while occupancy was also up 15 percent to an average of 72 percent in the same period.
Following Madinah were Amman and Beirut, the report said.
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