Alwaleed Investment Group acquires its first hotel in Dubai
The hospitality arm of the Alwaleed Investment Group has recently announced the acquisition of the Splendid Hotel which will now be rebranded as the Alwaleed Palace Hotel. This is said to be the first of many acquisitions as Alwaleed hospitality seeks to build its luxury hotel portfolio in Dubai and take advantage of the ever growing number of people booking Dubai holidays.
The newly formed hospitality unit of the Alwaleed Investment Group has recently announced the acquisition of its very first Dubai hotel. The group has purchased the Splendid Hotel ideally located near the Lamcy shopping centre. The property will now be rebranded as the Alwaleed Palace Hotel Apartments and the 180-room luxury hotel is the first of what the group hopes will be a string of acquisitions as they seek to build their portfolio and meet the needs of current and potential customers interested in booking a luxury Dubai holiday experience.
Chairman of the Al Waleed investment board, Mohammed Abdul Razak Al Mutawa, disclosed that by 2014 the group plans to operate as many as 500 rooms in Dubai and with 2014 just around the corner it comes as no surprise that Al Waleed is rumoured to have set its sights on at least two more purchases in the near future. “Our aim through AlWaleed Hospitality is to focus on providing the best levels of luxury services to our customers,” stated Mr Al Mutawa.
Image by: worldtraveller5,on Flickr
The news comes at a time where industry insiders are confident in the booming hotel industry in Dubai with an ever increasing demand as Dubai holidays continue to grow in popularity across key and emerging source markets.
The sharp rise in the number of travellers booking holidays in Dubai from destinations like China and India coupled with increased flights to Dubai from airlines like Emirates, Flydubai, Eithad Airways and Qatar Airways means that the demand for hotels in Dubai is steadily increasing. “Dubai, should be able to absorb more hotels as the government continues to develop demand generators [like the expansion of airport and harbour capacities and focusing on tourism, trade and logistics]” noted the Managing Director of STR Global Elizabeth Randall.
The Alwaleed Investment Group will undoubtedly be pleased to learn that in Q1 2012, the newly acquired Dubai hotel exceeded the already “healthy performance” they exhibited in 2011. According to hospitality consultancy TRI’S HotStats survey occupancy levels came in at 87 per cent with a 6.6 per cent growth in the average room rate when compared to Q1 2010. By the sounds of things, Alwaleed Investment Group has chosen the ideal time to branch out into Dubai’s hospitality industry.
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