R Hotels, the Dubai based hotel and management subsidiary of R Holdings, has revealed plans to invest AED 1.5 billion (US $408 million) into acquisition and development plans in order to double its hotel portfolio to six properties by the end of 2015.
The group currently owns, manages and operates three hotels under the Ramada brand in the UAE – Ramada Downtown Dubai, Ramada Hotel & Suites Ajman and Ramada Beach Hotel Ajman.
Two more properties are scheduled to open over the next two years, one of which will be located in the Jumeirah Beach Residences area.
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R Hotels managing director Sumair Tariq said: “Our focus has been on trophy assets and building a strong team. We are on track in terms of our acquisition and development and will be opening our second property this year in JBR, the Walk. We plan to invest AED1.5 billion towards our acquisitions and development over the next three to four years, and have already committed AED500 million in 2013.”
The company also revealed it has started work on the Palm Jumeirah and is planning to open a dry hotel on the island.
“We have created a niche market being a dry hotel, focusing on the product and guest services and building strong operations. We take pride in having a young, energetic, and efficient team that is positive and growth oriented,” said Tariq.
Part of the R Hotels’ investment plan is to introduce new hospitality brands into the UAE.
“During the first and second quarter of this year, our properties recorded significant growth in their occupancy rates, even during the summer season when business is generally slow. Both the Ajman and Dubai properties recorded rise in their revenues above the general market trend so we are continuing to see a steady demand for our properties,” stated Tariq.
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