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Dubai firm plans $408m investment in hotels

Ramada Hotel

Ramada HotelR Hotels, the hotels and hotel management subsidiary of Dubai-based R Holding, said on Sunday it is planning to invest AED1.5bn in its acquisition and development plan.

The company said in a statement that it is on track to double its hotel portfolio to six hotels by the end of 2015.

Currently, R Hotels owns, manages and operates three hotels in Dubai and Ajman under the Ramada brands – Ramada Downtown Dubai, Ramada Hotel & Suites Ajman and Ramada Beach Hotel Ajman.

It is planning to increase its portfolio by opening three more hotel properties in UAE during the next two years, the statement said.

Sumair Tariq, managing director, R Hotels said: “R Hotels has kept a consistent growth strategy since its inception. Our focus has been on trophy assets and building a strong team.

“We plan to invest AED1.5 billion towards our acquisitions and development over the next three to four years, and have already committed AED500m in 2013.”

Tariq also revealed that the company has started work on Palm Jumeirah as their next area of interest. He added: “We believe this growth pattern will continue and we will double our portfolio of assets over the next two years.”

Part of the investment plan is to bring new hospitality brands to the UAE to cater to the demands of the ever-growing tourism industry.

“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,” said Tariq.

Source Arabian Business, http://www.arabianbusiness.com/dubai-firm-plans-408m-investment-in-hotels-519373.html