Archive for the ‘Luxury Hotels’ Category
The world’s tallest hotel, the Rose Rayhaan by Rotana, is scheduled to open in Dubai by mid-December, UAE daily Emirates Business reported on Monday.
Rotana said it expects occupancy levels at the 481-room hotel on Sheikh Zayed Road of no less than 80 percent, the newspaper reported.
The hotelier’s expectations are a far cry from current hotel occupancy levels in the UAE, which have been hit by the global recession as fewer tourists visiting to the Gulf tourism hub.
Emaar Properties PSJC, the Middle East’s largest home builder, Thursday posted a fourth-quarter net loss of 1.77 billion United Arab Emirates dirhams ($482 million) because of a U.S. write-down, and the company put new projects in Dubai on hold amid a property slump in the emirate.
Before the write-down, fourth-quarter net profit was 924 million dirhams, compared with a profit of 1.74 billion dirhams a year earlier, the company said in an emailed statement to Zawya Dow Jones.
Full-year profit dropped 54% to 3.06 billion dirhams from 6.58 billion dirhams a year earlier. Revenue declined 10% to 16.02 billion dirhams, Emaar said.
Emaar wrote down 1.77 billion dirhams in goodwill in its John Laing Homes unit amid the financial crisis, and a further 919 million dirhams in properties owned by the company during the quarter. Emaar, which is about 30%-owned by Dubai’s ruling Maktoum family, bought John Laing Homes, one of the largest home builders in the U.S., for $1.05 billion in 2006 in an effort to diversify its business from Middle East real estate.