More Hotels In The Offing From Dubai World
Sultan Ahmad Bin Sulayem, Chairman of Dubai World, told a Dubai based newspaper that, taking advantage of the ongoing financial crisis, the company is looking at expanding its presence in the hospitality sector around the globe, with a focus on emerging markets.
Bin Sulayem was speaking on the sidelines of the relaunch function of the Fontainebleau Miami Beach resort - the latest high-profile investment of Dubai World in the United States.
In reference to the Fontainebleau Miami Beach resort, in which Nakheel Hotels, a unit of Nakheel that is part of Dubai World. , bought a 50 per cent stake in April for $375 million (Dh1.36 billion), Bin Sulayem said, "Had we done this investment two or three years ago, it would have been four times the cost.” He added, "Something that did not make economic sense two years ago makes sense now; and value wise, this could never be repeated again."
He also pointed out that developing markets were a key interest in Dubai World's hotel investment plan.
"We have had a lot of time to identify locations in China," he said. India is also an area being viewed favourably by the company. "Goa is going to be an important area," said Bin Sul-ayem. "It is the holiday place in India."
He also added that India is being seen by Dubai World as a good investment area for hotel development and that Goa is going to be central to India’s tourism industry in the future.
Source: Gulf News
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