R Hotels reveals AED1.5bn investment plan
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R Hotels is investing AED1.5 billion towards its acquisition and development plans. The investment is on track to double its hotel portfolio to six hotels by end of 2015. The company is planning to increase its portfolio by opening three more hotel properties in UAE during the next two years.
Sumair Tariq, managing director, R Hotels said: “We have kept a consistent growth strategy. We are on track in terms of our acquisition and development and will be opening our second property, this year in JBR, the Walk. We plan to invest AED1.5 billion towards our acquisitions and development over the next three to four years, and have already committed AED500 million in 2013.”
Tariq also revealed that the company has started work on Palm Jumeirah as their next area of interest. He added: “We believe this growth pattern will continue and we will double our portfolio of assets over the next two years. We have created a niche market being a dry hotel, focusing on the product and guest services.”
Part of the investment plan is to bring new hospitality brands to the UAE. The openings of the new properties are expected to create additional jobs for the local workforce.
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