Layia Hospitality Partners With CAPM Investment For New Hotels
Layia Hospitality and CAPM Investment initiated a joint venture agreement to develop five, three-star budget hotel properties under a new brand titled Day & Night Hotels. CAPM Chairman of Abu Dhabi based CAPM, Khaled Al Mass, said the first hotel under the Layia Abu Dhabi brand is expected to open within two years time in Abu Dhabi. The project will cost Dh500 million. There may be further expansion in the GCC.
CAPM will invest Dh 250 million in the project, half of which will be raised from investors through its newly established hospitality brand, CAPM Hotels Investment Company. CEO of Layia Hospitality, Daniel Hajjar, said the Day & Night Hotels will be dry hotels aimed at the next generation of executives. Hajjar said “We are aiming to keep our prices low, with room rates ranging between $100 (Dh367) and $120 yet offering rooms that are15 percent larger than average three-star budget hotels.
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