Revenues from Emaar Properties’ hospitality and leisure business were up 16% year-on-year in the first quarter of 2014, with the company's flagship Address Hotels and Resorts delivering strong occupancy figures.
The division recorded revenues of AED483 million (US $132 million) during the period, representing over 21% per cent of the company’s total revenue.
Meanwhile, the flagship Address Hotels and Resorts reported average occupancy of 92% in Q1.
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“The increase in tourist arrivals to Dubai and the positive market sentiment have catalysed the growth of our shopping malls and hospitality business too, which contribute significantly to our recurring revenues,” said Emaar Properties chairman Mohamed Alabbar.
“This year, led by our strategy to monetise key performing assets, expand to high-growth international markets and develop prime real estate assets in Dubai, we will continue to focus on delivering long-term value for our shareholders and in providing exceptional service standards to our customers.”
Overall, Emaar Properties recorded a net profit of AED863 million (US $235 million) in Q1, up 55% year-on-year. This came from revenues of AED2.256 billion (US $614 million), up 7%.
Among the other highlights of the hospitality performance was launch of serviced apartments under The Address Hotels and Resorts and Vida Hotels and Resorts in Dubai.
Armani Hotel Dubai was also named the ‘World’s Leading Landmark Hotel’ at the World Travel Awards, while the 10th Annual Global Traveller’s ‘Reader Survey Awards’ honoured The Address Hotels + Resorts as the ‘Best Hotel Chain in the Middle East’ and The Address Downtown Dubai as ‘Best Hotel in the World’.
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