Strong H1 for major Yas Island hotel owner

Aldar Properties PJSC, which owns and manages seven properties on Abu Dhabi’s Yas Island, saw revenues from its hotels rise 13.1% year-on-year during the first half of the year.

Combined with two other properties in Abu Dhabi, these hotels, which include the Yas Viceroy, recorded total revenues of AED283 million (US $77 million). Meanwhile, average occupancy rates at these hotels rose from 78% to 82%.

The listed company has also revealed that F&B revenues across its portfolio, 35 units in total, were up 11.4% to AED113.9 million (US $31 million).

At the core of the growth was MICE and leisure, making up a total of 60% of rooms occupied. The top five feeder markets across the portfolio were guests from the GCC, India, Germany, UK and China.

Aldar Properties executive director of asset management Talal Al Dhiyebi said: “Our first-class facilities that meet the demands of a broad range of leisure visitors have driven year-on-year occupancy increases.

“We are also witnessing high demand from corporates with bulk bookings for conferences and events. Demand growth within the hotel market has coincided with strong tourism figures as a result of the growing attractions that are on offer throughout Abu Dhabi such as the award-winning Yas links golf course.

Aldar will expand its hotel portfolio towards the end of this year when it opens the 195-key Courtyard by Marriott in the WTC Abu Dhabi development towards the end of the year. Over the coming years, it expects to add 1000 room keys.