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FINANCIAL NEWS
Dubai’s Jumeirah to open 10 hotels by 2011-end
29 Apr 2010
(MENAFN) Jumeirah Group, a unit of Dubai Holding, said in a statement that it is planning to open ten hotels in the next 18 months, and launch a new hotel brand, after strong results in the first quarter, Gulf News reported.
The luxury hotel management group said it expected to open the new hotels in locations including Frankfurt, Kuwait, the Maldives, the United Arab Emirates (UAE) and Shanghai.
Jumeirah?s parent company Dubai Holding, the investment conglomerate owned by the emirate?s ruler, is considering restructuring up to $20bn in debt, according to the Financial Times.
In Dubai, the hotelier?s beachfront properties had an occupancy rate of 92.5 percent in April and an average of 89 percent in February and March, it said.
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