Hilton Worldwide filed for an initial public offering on Thursday after six years of private-equity ownership. The move is likely to raise up to $1.25 billion. The move was not surprising for many. People familiar with the matter confirmed in August that the McLean-based hotel chain had tapped four banks to take the company public.
DAMAC Properties has awarded contract to TAV Tepe Akfen Investment construction for DAMAC Towers by Paramount. The contract valued at AED 1 billion involves construction of services residences in Burj Area. The company will also construct luxury hotel in a period of 33 months.
US hotel chain Marriott International Inc., the largest publicly traded chain, has yesterday reported a surge in its profits.
It has affirmed that a 28% rise has been realized in its earnings with the increasing travel demand around the nation. The hike in earnings has taken its net profit to $181 million i. e. 56 cents a share for the fourth quarter.
An exercise that may prove costly to restaurant owners but good for people, Abu Dhabi is all set to introduce a new rating system for hotels. This rating system aimed at lifting standard and quality of service, is likely to be put in place with effect from 2012. It is a first ever effort of Abu Dhabi government for raising standard and thus attracting tourists.
Global Consultancy Ernst & Young has notified that the Dubai’s Hotel business has spotted 10.5% annual rise in July 2011.
Last year in July 2010, the tenancy was 70.3% and it has increased to 80.8% in July 2011.
Also, it has been notified that average rental rates of the rooms have increased by 6.2% annually. The room rent was $149 for 24 hours in July 2010, and has now gone up to $158 in July 2011.
The Abu Dhabi Tourism Authority (ADTA) on Monday released tourism figures reflecting robust performance of the tourism sector in the country. Rise in hotel guests pushed occupancy levels up nine per cent to 65 per cent during the month of July. Total revenue surged six per cent to Dh271 million, indicating huge rise in number of guests visiting the Gulf nation.
Hotel, retail and catering division of Abu Dhabi National Hotels (ADNH) pushed net profit of the bank by 7.7 per cent during the second quarter of current financial year. Bank’s net profit stood at Dh56.75m during the reporting period while its revenue rose 6.25 per cent to stand at Dh452 million, indicating overall better period for the hospitality industry.
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