Planned Abu Dhabi hotel properties under threat
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The developers of two major hotel properties in Abu Dhabi are reconsidering their plans as the UAE capital struggles to fill the available hotel rooms brought on by massive supply in 2010.Mubadala Development has confirmed plans for a new Viceroy hotel have been shelved until the UAE capital’s property market recovers.The hotel was set to be built in Abu Dhabi’s new Sowwah Island central business district.”There was an announcement [in 2009], but it was pending real estate sales,” Michael Lorenz, the vice president of sales and market strategy for Viceroy Hotel Group told The National. “Until the sales escalate, the project’s
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