Hotels in Dubai enjoy some of the highest occupancy rates in the world. Tourists consistently flock to the Emirate from around the region and beyond to bask in the winter sun, soak up the sophisticated lifestyle and marvel at the architecture of its skyline.
Dubai has a strong commitment to continue expanding tourism, setting a target of 25 million visitors annually by 2020 when the Emirate hosts the World Expo. That figure will be up from the 9.9 million visitors recorded in 2013 and is more than the combined visitors to New York and Paris in the same year.
In order to meet government forecasts and cater for increasing demand, developers are looking to build many more hotels in Dubai.
A report by international real estate experts JLL says: ‘We expect more investment sales in the hotel sector as owners now have more realistic expectations and hotels continue to perform strongly. There remains strong interest from investors in this sector and the willingness of owners to make strategic disposals will allow this interest to be converted into more sales than have been experienced in recent years’.
Dubai’s hotel and hospitality sector is in great health, with occupancy at around 80% compared to a region-wide average of 64% and a European average of 56%, according to international hotel sector researchers STR Global.
" 2020 is just five years away, " said Chiheb ben Mamoud, head of hotels and hospitality at JLL Middle East and Africa. " Hence the target of doubling the capacity is ambitious but the current pipeline should help. "
JLL estimate there are currently 61,150 hotel rooms in Dubai. The total pipeline includes more than 45,000 rooms, representing a 70% increase in the number of hotel rooms before taking into consideration a few other major developments.
Midtown adds to Deyaar’s prestigious development portfolio
One such development is the €763m ‘ Midtown by Deyaar ‘ project which includes two hotels, 13 separate residential buildings and 12 further buildings clustered into four groups – a total of 27 buildings sharing a one level podium covering retail, parking and essential services.
The project was launched by Deyaar Development in October this year and is to be located adjacent to Jumeirah Golf Estates, overlooking Sheikh Mohammed bin Zayed Road and Dubai’s incredible skyline.
Midtown adds to Deyaar’s prestigious development portfolio and directly addresses the growing demand for integrated communities in Dubai. The firm’s strategy to diversify its portfolio is particularly relevant given Dubai’s commitment to expand tourism ahead of the 2020 Expo.
Saeed al Qatami, CEO of Deyaar said in a statement: " We are happy to announce the showcase of ‘ Midtown ‘ which is set to prove an exceptional addition to our product portfolio and complement Deyaar’s pivotal role in the development of the region’s property landscape.
" Midtown will continue Deyaar’s tradition of quality projects taking design-led luxury living to a new level in the region. This project will create a distinctive ‘ cultural ‘ ambiance that enriches the lifestyle of its occupants, " he added.
Source: Property show rooms