ADNH to double assets in 3 years

Abu Dhabi National Hotels (ADNH) is aiming at doubling its assets in the next three years, according to the chief executive.

Speaking to reporters at AHIC, Richard Riley said: "Our agenda is to double assets of the company in three to five years and we see that happening in three years."

This would include not only the hotels side of business, but also its catering, transport and tours units, he said.

The 35 year old company started expanding its operations two years ago as part of Abu Dhabi's 2030 plan, which includes transforming the emirate into a tourism hub.

ADNH will deliver 1500 rooms to the Abu Dhabi market in the next two years, Riley said.

In February the company received a US $408.5 million loan from four banks to finance projects in Abu Dhabi, the capital of the UAE.

The company has three hotel properties under construction in the emirate, with one to be managed under the Park Hyatt brand and two yet to be signed up with operators.

It is also building a hotel at a cost of $272.3 million on Saadiyat island, the site of planned branches of the Louvre and Guggenheim museums.

Riley said the group saw a 10% drop in occupancies in the first quarter of the year, due to an increase in supply to the market, but still maintained levels of 80%.