Dubai Marina Jumeirah Beach Residence hotel sold.
empty beach-facing 4-star hotel property in Jumeirah Beach Residence (JBR) at Dubai Marina. Positioned as a replacement for the Oasis Beach Hotel, which the
firm ran so successfully until it was demolished in 2009; many will remember the splendid murals in the Parrot Bar.
The purpose built 341-room hotel, was actually purchased from Abu Dhabi-based Das Holdings in late January 2012 for more than US$ 100 million, three weeks
earlier than the latest announcement. According to JAIH regional general manager David Thomson, the property is expected to open for business in October
Currently nameless, the 4-star establishment will be both owned and operated by JAIH, which manages a string of individually charactered hotels including: Jebel Ali
Golf Resort and Spa, Hatta Fort Hotel and the Oasis Beach Tower. The latter is also located in JBR, which it should be explained is 1.7 kilometres (1.1 miles) long
and contains 40 towers. At the last count, 36 of these were residential and 4 were hotels.
Mr. Thomson described the hotel as complete, but confirmed that JAIH would be investing another US$ 20 million plus in the building to effect architectural upgrades
and fit out works. He said that the target market for the hotel would be primarily leisure guests and families, rather than business visitors. JBR based guests, will also
have full access to the beach facilities at the Jebel Ali Golf Resort and Spa, which is a courtesy bus ride up the coast beyond the Jebel Ali Port and Free Zone.
Regional GM Thomson is highly confident in the success of the JAIH formula for the new JBR hotel; he is expecting average occupancies of around 80 per cent all
year round. The leisure sector he believes will continue to grow and believes that guests prefer to enjoy themselves in a four-star beach resort, being able to relax and
enjoy their holiday without the burdensome formality of a 5-star rule book.
Copyright Andy McTiernan. All rights reserved.
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|Publication:||Andy McTiernan Property & Economy Bulletin|
|Date:||Feb 17, 2012|
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