Monday 19 April 2021

Al Sabah...'This acquisition reinforces our presence in key locations in Dubai'

Action Hotels buys Dubai plot for $10m

DUBAI, February 14, 2016

Unveiling plans of its latest development in Dubai, leading upscale property developer Action Hotels has purchased a plot of land in Media City’s Innovation Hub from a subsidiary of Dubai Holding’s Tecom Group for $10 million, said a report.

Innovation Hub is a new, 1.6 million-sq-ft complex being built at Media City and will be surrounded mainly by five-star hotels and one other mid-market hotel nearby, said a report in The National.

Action Hotels has acquired 5,553.5-sq-m of land and plans to develop it into three- and four-star hotels. The company is currently in talks with several hotel brands regarding operating partnerships and intends to complete the project by 2018.

The new development will mark Action Hotels’ second venture in Dubai.

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,” he added.

Tags: Dubai | hotels | media | plot | City | action |

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