Marking its second hotel development in Dubai, Action Hotels has acquired a prime freehold plot of land located in Innovation Hub, within Dubai's Media City, from Innovation Hub FZ-LLC, a subsidiary of Tecom Group.
Set to open in 2017, Innovation Hub will span 1.6 million ft2 and is located in the heart of Dubai Media City, Dubai Internet City and Dubai Knowledge Village. It will be surrounded solely by five star hotels, with only one other mid-market hotel within the vicinity.
Action Hotels has purchased the 5,553.5m2 plot of land for US $10.07m, funded through resources available to the group.
The owner and developer intends to develop the land into a three or four star hotel and is currently in discussions with hotel brands regarding operating partnerships. The project is expected to be completed in 2018.
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Action Hotels founder and chairman Sheikh Mubarak A M Al Sabah said: "I am delighted that we have agreed to acquire this prime freehold plot of land in such a desirable area.
"This acquisition reinforces our presence in key locations in Dubai. Media City is a thriving area of Dubai with more than 4,500 companies and we have identified strong demand for quality affordable accommodation.
"This sought-after location is generating significant operator interest and as always we will be working with our partner hotels brands to secure the best terms."
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