Dubai-based Kingdom Hotel Investments, a company run by Saudi billionaire Prince Alwaleed bin Talal, which strived hard to fill rooms in cities such as Paris and Cairo, came out with a 61 per cent fall in its first- half earnings recently.
A fall was also seen in its revenues to $103.3 million from $115.5 million during the same period.
For this year, the hotel investment company declared an $8 million net profit, lower from $20.6 million a year earlier, mainly due to tough results at its Four Seasons hotels and lower real estate sales.
The Address Hotels + Resorts will be opening two new hotels in Dubai later this year - the Address Dubai Mall and The Address Dubai Marina.
It has appeared that The Address Dubai Mall, which will be directly linked to The Dubai Mall, will have 244 signature rooms, 449 serviced apartments, and five modern dining options. Apart from this, the Dubai Fountain, situated nearby, is a perfect spot for travelers to relax and view the inspiring grandeur of Burj Dubai, the world's largest building.
Low-cost carrier Air Arabia has revealed that the construction of its 300-room three-star Centro Hotel located at Sharjah airport will be finalized by coming April.
The sources close to Air Arabia informed that concrete structure for all four floors of the hotel has already been completed and the hotel is poised to reach completion, beating the development's budget.
The hotel entails standard rooms and suites and will target both business travellers and individual guests.
It has appeared that sales of over $100m have been made by Kuwaiti developer, IFA Hotels & Resorts, in the Middle East and North Africa (MENA) region. It is astonishing that the sales were made during the first six months of the year, in spite of the pressures from the global downturn.
According to the firm's president and COO, Werner Burger, "This is a unique achievement given the global downturn in the real estate sector."
The global economic challenges were defied by Etihad Airways, which posted this month its best load factors. Despite this, its chief executive said that they might enter the hospitality industry.
In the month of July, traffic for the airline reached 616,000 passengers, reflecting a 9 percent increase in passengers compared to the same month last year and its busiest month in its history.
It was expressed by CEO James Hogan that with such demand, the Abu Dhabi airline was mulling entering the hospitality industry by creating its own hotels.
Industry experts expressed recently that, in spite of the global crisis, more foreign buyers are looking for hotel properties in Dubai for investment as returns stay high. However, sellers are very less and deals are in a weak position due to the difficulty in getting loans.
Amine Hamdani, manager and surveyor at global real estate service company CB Richard Ellis, explained, "If you compare five-star properties in Paris and Dubai, both well-located, your return on investment is much better in Dubai."
Though the United Arab Emirates is home to some of the world's tallest buildings and a manmade island, it still has to acquire a replica of Durdle Door. In spite of this, the website of The Cove resort in Ras Al Khaimah is leisurely flaunting its images, may be in a move to lure tourists.
It should be noted that the Cove Rotana Resort is known for having 'a multitude of activities' with 600 metres of sandy beach; however, one thing for sure is that it does not possess the beach at Durdle Door, the pictures of which it has posted on its website.
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