Second TIME Residence property opens in UAE
Abu Dhabi hotel has 68 fully furnished one bed and studio apartments
UAE-headquartered hospitality company, TIME Hotels Management, has opened the doors to a second TIME Residence-branded property as part of its regional expansion programme.
The new Zakher TIME Residence - Abu Dhabi offers 68 fully-furnished one-bedroom and studio apartments located on Fatima Bint Mubarak Street (also known as Al Najda Street).
This follows the successful 2013 unveiling of the TIME Residence brand and the launch of the TIME Pearl Residence, a 72 two-bedroom unit property situated just five minutes walk from the UAE capital’s Corniche promenade.
“With the opening of the Zakher TIME Residence, this brings the total number of branded hotel apartments in Abu Dhabi to 51, which, in line with the Emirate’s ambitious tourism growth agenda, presents equally exciting growth opportunities for residence-style accommodation,” said Mohamed Awadalla, CEO, TIME Hotels.
Occupancy levels also rose year-on-year for the period January to July 2014 by 6% to touch 94%, up from 78% with a healthy 9% rise in revenue to AED367mn ($99.9mn).
The nationality mix similarly registered some interesting statistics in the January to July audited period, with UAE nationals named as the number one source market followed by India, the UK, Germany and the USA.
“Our pipeline of TIME Residences will be further boosted by two more Abu Dhabi locations coming up – the 312-unit Meera Residence, also located on the Corniche, and the 264-unit Jouharaaa Residence, which is scheduled to open in early 2016,” added Awadalla.