Chairman of the Al Waleed investment board, Mohammed Abdul Razak Al Mutawa, disclosed that by 2014 the group plans to operate as many as 500 rooms in Dubai and with 2014 just around the corner it comes as no surprise that Al Waleed is rumoured to have set its sights on at least two more purchases in the near future. "Our aim through AlWaleed Hospitality is to focus on providing the best levels of luxury services to our customers," stated Mr Al Mutawa.
This image thanks to worldtraveller5,on Flickr
The news comes at a time where industry insiders are confident in the booming hotel industry in Dubai with an ever increasing demand as Dubai holidays continue to grow in popularity across key and emerging source markets.
The sharp rise in the number of travellers booking holidays in Dubai from destinations like China and India coupled with increased flights to Dubai from airlines like Emirates, Flydubai, Eithad Airways and Qatar Airways means that the demand for hotels in Dubai is steadily increasing. "Dubai, should be able to absorb more hotels as the government continues to develop demand generators [like the expansion of airport and harbour capacities and focusing on tourism, trade and logistics]" noted the Managing Director of STR Global Elizabeth Randall.
The Alwaleed Investment Group will undoubtedly be pleased to learn that in Q1 2012, the newly acquired Dubai hotel exceeded the already "healthy performance" they exhibited in 2011. According to hospitality consultancy TRI'S HotStats survey occupancy levels came in at 87 per cent with a 6.6 per cent growth in the average room rate when compared to Q1 2010. By the sounds of things, Alwaleed Investment Group has chosen the ideal time to branch out into Dubai's hospitality industry.