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According to the partnership, a portfolio of hotels will be located in several locations across the emirate in line with the Dubai Tourism Vision 2020 announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
Announcing the hotel development strategy, chairman of Emaar Properties, Mohamed Alabbar, said that the new hotels would be stylishly designed to create a new hotel experience that will be highlighted as affordable elegance.
“One of the key drivers to achieving the Dubai Tourism Vision 2020, to double the number of annual tourists to 20 million by the turn of the decade, is to offer a wider choice of affordable hotels that appeal to the new generation of travellers,” he said.
Group Chairman of Meraas Holding, Abdulla Al Habbai, also commented on the collaboration: “Dubai is focused on further strengthening its tourism sector, a key contributor to our economy.
“Under the guidance of His Highness Sheikh Mohammed, as the city embarks on it ambitious tourism growth strategy, it is important to boost the hospitality sector with more affordable hotels to attract even larger numbers of tourists. We will develop affordable hotels with Emaar, under the new brand, to catalyse the city’s hospitality sector.”
Alabbar added: “With two-thirds of the world population living within an eight-hour flight from Dubai, the city has tremendous tourism growth potential that must be leveraged through hospitality offerings that meet the requirements of the diverse and changing global traveller profile.
“Our strategy is to build elegantly designed, high quality affordable hotels in several key locations in the city that will encourage more visitors, particularly short-haul travellers or passengers in transit, for extended stays to explore our city.”
Currently, five-star hotel rooms account for nearly 62% of the total branded hotel inventory in the city. In the future supply pipeline of over 42,000 hotel rooms in Dubai also, nearly 50% are in the luxury and upper upscale segments.
Emaar currently owns and operates the five-star premium Address Hotels + Resorts, with five hotels in Dubai, which it says has recorded strong occupancy levels of 91% in the first three months of this year.
Emaar also launched the Hotels & Resorts, with two hotels in its portfolio, the flagship Armani Hotel Dubai, located in Burj Khalifa, and Armani Hotel Milano, in Italy.
Most recently, it launched Vida Hotels and Resorts, a stylish boutique hotel brand that meets the demands of the new generation of entrepreneurs and leisure travellers.