Dubai's Deyaar plans hospitality move
Firm to announce new hotel construction projects 'soon'
Dubai-based developer Deyaar has announced plans to expand into the hospitality sector.
The company, which to date has focussed on residential and office property, said the plan was part of its diversification strategy and will begin in Dubai.
It has allocated up to 1mn ft2 for hotels and serviced apartments, including sites at Business Bay and close to the proposed venue for the Expo 2020 near Al Maktoum International Airport.
The company added that it would look to grow its hospitality holdings "both organically and inorganically through acquisitions".
CEO Saeed Al Qatami said: “We believe this is a positive step for Deyaar, and will give us an opportunity to demonstrate our ability to deliver on evolving market demands.
"Dubai has seen a phenomenal surge in occupancy rates, crossing the 80% mark in high-value areas in 2013. Deyaar certainly has the means to tap into this growing sector.
“We have a number of projects under consideration, which we hope to reveal soon. Some of these properties will be retained as fully-owned developments under Deyaar, while other projects will be sold to third-party investors."