DIP expands on hospitality to meet demand for 2020
DIP will open eight new hotels and serviced apartments in the next three to four years in the park, further expanding its hospitality portfolio ahead of Expo 2020
Dubai Investment Park (DIP) has announced the opening of a new 114-room 4-star Fortune Park boutique hotel to cater to business and leisure travellers ahead od Dubai's Expo 2020.
The new hotel is part of plans to open eight new hotels and serviced apartments in the next three to four years in the park, further expanding its hospitality portfolio, according to WAM.
The hotels and apartments will be of various star categories and will be built by individual investors.
The new hotels will perfectly complement the growth of DIP as a city-within-a-city. It will also provide a major boost to the hospitality sector as Dubai expects to attract as many as 25 million visitors during Expo 2020 Dubai, including 17.5 million overseas tourists.
The emirate will require an additional 45,000 hotel rooms to match the rising demand by 2020 and an investment of nearly $$7.1bn is expected in hotel projects.
Omar Al Mesmar, General Manager of DIP said: “DIP’s proximity to Expo 2020 site and Dubai South makes it the preferred destination for both investors and end-users. This is also leading to increasing demand for projects to develop hotels, serviced apartments within DIP."