Sunday, 16 September 2012 14:02
DUBAI: Emaar Properties, developer of the world's tallest tower in Dubai, plans to build a new hotel in the city's high-end Downtown area, its first major hotel project since the emirate's property crisis erupted in 2009.
Emaar, which had skirted clear of its home market in the aftermath of the debt crisis, said the construction of the five-star hotel will be financed mainly through pre-sales of serviced apartments.
"The hotel we're launching today represents an opportunity to capture the interest we're seeing from Dubai, (the Gulf), Middle East, Indian subcontinent, China and Europe," Arif Amiri, chief executive of Emaar Retail, told reporters at the launch.
Amiri did not give a value or costs for the project. The hotel will have 200 rooms and 542 serviced apartments. Apartment sales will begin Sept. 22.
"I truly believe that the real estate market in Dubai is on the path of robust growth," he added.
Dubai's property market is ...