R Hotels to pump $408m into portfolio expansion [Travel & Tourism News]
(Travel & Tourism News Via Acquire Media NewsEdge) R HOTELS, the hotels and hotel management subsidiary of R Holding, is investing Dh1.5 billion ($408.4 million) towards its acquisition and development plans and 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 and plans to increase its portfolio by opening three more hotel properties in UAE during the next two years.
Sumair Tariq, managing director, R Hotels says: "R Hotels has kept a consistent growth strategy since its inception. Our focus has been on trophy assets and building a strong team. We are on track in terms of our acquisition and development and will be opening our second property this year in Jumeirah Beach Residence (JBR) the Walk. We plan to invest Dh1.5 billion towards our acquisitions and development over the next three to four years, and have already committed Dh500 million ($136.1 million) in 2013."Tariq also revealed that the company has started work on Palm Jumeirah as their next area of interest. He adds: "We believe this growth pattern will continue and we will double our portfolio of assets over the next two years. We have created a niche market being a dry hotel, focussing on the product and guest services and building strong operations."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. The openings of the new properties are expected to create additional jobs for the local workforce.
"The year 2013 reaffirms the growth in UAE"s tourism industry and studies show that this growth trend will continue in the next three to four years before it stabilises. 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. Both the Ajman and Dubai properties recorded rise in their revenues above the general market trend so we are continuing to see a steady demand for our properties.
"R Hotels is aggressively growing and will soon have presence in every emirates of the UAE. R Hotels also takes pride in being a leader towards going green and has taken several initiatives over the last couple of years including the 100 per cent organic waste recycling in Ramada Hotel and Suites Ajman. In addition the group actively contributes to several charitable causes and community outreach. Our new properties are designed for the new generation of business and leisure travellers who demand style and substance at the best of locations," concluded Tariq.
(c) 2013 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company
[ Back To Technology News's Homepage ]