Citymax Hotels announces 10 new hotels in ME and Asia
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Citymax Hotels announced plans to set up 10 new hotels in the Middle East and Asia over the next five years. Based on the current round-the-year occupancy rate of 85% across all three of its properties in the UAE, the hotel chain also forecasted an annual RevPar growth of 8-10% in the short-term.
Russel Sharpe, chief operating officer, Citymax Hotels, said: “The prospect of expanding our footprint in the region with an additional 10 new hotels will allow us to come closer to our growing clientele in the Middle East and Asia. Our plans will complement the 15 – 20% growth projected for the mid-segment hotel industry in 2012-13. Furthermore, we will also contribute to meeting the UAE’s demand of 3,000 additional rooms over the next three years.”
“Acquisitions, leased properties, or the management-only model are the three business strategies that Citymax adopts while augmenting our presence,” added Sharpe.