By Gregor Stuard Hunter www.thenational.ae
Emaar Properties has acquired the management of two hotels in Downtown Dubai as it swaps housing for hospitality.
The Dubai developer of the Burj Khalifa is increasingly focusing on retail and hotel development to compensate for a slowdown in demand for properties. Emaar has assumed the day-to-day management of the four-star Al Manzil and Qamardeen hotels.
The move was intended to yoke the company closer to two of the fastest-growing sectors in the local economy, said Mohamed Alabbar, the chairman of Emaar Properties.
“Tourism and hospitality are the key growth drivers of Dubai, and over the years, we have acquired strong competencies in the hospitality and leisure sector through our world-class assets in Dubai,” he said. “Our expansion to hospitality is in line with our growth strategy of creating long-term value for our stakeholders, while also contributing to Dubai’s economic growth.”
The two hotels were previously managed by Southern Sun Hotel Group. The management of the properties was transferred to Emaar Hospitality Group. More info