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Abu Dhabi National Hotels to invest in 450 bedroom hotel in the Jumeirah beach residence development
Tuesday, January 27, 2004
The Jumeirah Beach Residence announced that Abu Dhabi National Hotels, the Hotel, Tourism, Transport and Catering Group has signed an agreement with Estithmaar FZ LLC to acquire a 450 bedroom beach front hotel within the Jumeirah Beach Residence Development in Dubai.
The Chairman of Abu Dhabi National Hotels H.E. Khalifa Nasser Bin Huwaileel Al Mansoori said, `We have been considering for some time a project in Dubai and have assessed many potential opportunities. We believe that the Jumierah Beach Residence Development will perfectly match our criteria for a hotel investment in Dubai and we are delighted with this project. The hotel will offer guest`s 450 well-appointed rooms and suites, all sea facing, plus a range of conference and banqueting facilities and catering outlets. An additional unique selling point for the development is the direct access beach club that will offer an international standard of unrivalled leisure destination for hotel residents. The project is expected to be completed within 3 years.`
H.E. Khalifa Nasser Bin Huwaileel Al Mansoori further commented, `This new property will form an important addition to our existing hotel portfolio, which already includes The Sheraton, Le Meridien and Hilton hotels in Abu Dhabi and the Hilton hotel in Al Ain in addition to our Al Diar properties. We will continue to seek new development opportunities such as this, that compliment our existing range of leisure related products and that deliver good returns for our shareholders.`
The Chief Executive Officer of Estithmaan Realty FZ LLC, Mr. Hashim Al Dabbal said `We are pleased to welcome the Abu Dhabi National Hotels to the Jumeirah Beach Residence development. The Jumeirah Beach Residence offers an outstanding location and quality real estate at competitive pricing which is the reason that the investors are showing a lot of interest in the project.`
Al Dabal added, `We are pleased because the project has elicited interest not only by local investors, but keen interest is also being shown by GCC investors and businessmen in the project which is the affirmation of their confidence on Dubai economy and the project itself.`
The Chairman of Abu Dhabi National Hotels H.E. Khalifa Nasser Bin Huwaileel Al Mansoori said, `We have been considering for some time a project in Dubai and have assessed many potential opportunities. We believe that the Jumierah Beach Residence Development will perfectly match our criteria for a hotel investment in Dubai and we are delighted with this project. The hotel will offer guest`s 450 well-appointed rooms and suites, all sea facing, plus a range of conference and banqueting facilities and catering outlets. An additional unique selling point for the development is the direct access beach club that will offer an international standard of unrivalled leisure destination for hotel residents. The project is expected to be completed within 3 years.`
H.E. Khalifa Nasser Bin Huwaileel Al Mansoori further commented, `This new property will form an important addition to our existing hotel portfolio, which already includes The Sheraton, Le Meridien and Hilton hotels in Abu Dhabi and the Hilton hotel in Al Ain in addition to our Al Diar properties. We will continue to seek new development opportunities such as this, that compliment our existing range of leisure related products and that deliver good returns for our shareholders.`
The Chief Executive Officer of Estithmaan Realty FZ LLC, Mr. Hashim Al Dabbal said `We are pleased to welcome the Abu Dhabi National Hotels to the Jumeirah Beach Residence development. The Jumeirah Beach Residence offers an outstanding location and quality real estate at competitive pricing which is the reason that the investors are showing a lot of interest in the project.`
Al Dabal added, `We are pleased because the project has elicited interest not only by local investors, but keen interest is also being shown by GCC investors and businessmen in the project which is the affirmation of their confidence on Dubai economy and the project itself.`
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