Union Properties establishes mall, hospitality subsidiaries
Union Properties has opened two new subsidiaries: Union Malls and Al Etihad Hotel Manageme
Union Properties (UP) has announced plans to diversify its operations by opening two fully owned subsidiaries: Union Malls and Al Etihad Hotel Management.
The former will provide retail and leisure offerings for UP's projects, while the latter will develop and manage luxury hotels and furnished residences in Dubai.
Al Etihad Hotel Management will provide hospitality services and facilities management (FM) for approximately 3,000 serviced apartments and 3,500 hotel rooms throughout Dubai's Motorcity, before expanding its business across the emirate.
Commenting on the new entities, Nasser Butti Omair bin Yousef, chairman of UP, said: “Guided by a new management team, master plan, and projects, UP is beginning a new chapter in its proud history.
“We have identified the creation of divisions in the mall and hotel sectors as being key drivers for the next stage of Union Properties' success that will serve to diversify our revenues while enhancing our communities.”
Al Etihad Hotel Management launches with a pipeline of three hospitality projects within UP's master-planned Motorcity community: Vertex Hotel, Central Hotel, and a third unnamed project.
The 25-level, five-star Vertex Hotel will form part of the developer's 85-storey, 300m-tall high-rise structure at the heart of the Vertex Complex. The wider development will comprise 1,000 serviced apartments spread over 45 storeys. A range of leisure facilities, including landscaped platforms, will be located on higher floors.
The four-star Central Hotel, meanwhile, will boast 350 rooms across 18 floors. The third hospitality project will feature 270 serviced apartments, according to UP.
Union Malls' inaugural project will be The Central, a 100,000m2 complex spread across four floors, offering retail, dining, and leisure outlets.
The Central will be characterised by its sports-related amenities, which will include a 250m indoor velodrome equipped for cyclists and trainers; a 700m indoor elevated running track; an indoor Olympic-sized swimming pool; a driving centre; six indoor basketball courts; medical suites for sports therapy; and a 17,000 ft2 gym.
“The opening of our new Union Malls subsidiary is the natural extension of this commitment that will enable us to create fantastic new shopping and leisure destinations in key developments like Motorcity,” bin Yousef concluded.