Sunday 21 September 2014
 
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$408m INVESTMENT PLANNED

UAE's R Hotels on track to double portfolio

Ajman, September 22, 2013

R Hotels, the hotels and hotel management subsidiary of UAE-based R Holding, is investing Dh1.5 billion ($408 million) towards its acquisition and development plans and 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. 
 
Sumair Tariq, managing director, said: “R Hotels has kept a consistent growth strategy since its inception. We are on track in terms of our acquisition and development and will be opening our second property this year in 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 in 2013.”
 
“We believe this growth pattern will continue and we will double our portfolio of assets over the next two years,” he added.
 
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.
 
“Our new properties are designed for the new generation of business and leisure travellers who demand style and substance at the best of locations. We are excited about the new properties that will definitely contribute to the growth of the group and the country’s tourism industry,” concluded Tariq. - TradeArabia News Service



Tags: UAE | hotels | investment |

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