Emaar to open 5 new Address Hotels by 2014

24 Jan 2011

(MENAFN) Marc Dardenne, Chief Executive Officer at Emaar Hospitality Group, announced that it plans to launch five new hotels under its brand “The Address” in the coming four years, doubling the number hotels it operates, Bloomberg reported.

According to Dardenne, the company, which operates Armani’s first property in the world’s tallest tower, will open hotels in the south of France and Marrakesh, Morocco in 2013. Additionally it is planning hotel-openings in Bali, Budapest and Istanbul the following year.

Dardenne clarified that there will be no equity investment from Emaar’s side, whereas the strategy is asset-light; meaning that it will be a management company and will operate the hotels on behalf of the owners.

Separately, Hospitality revenue at Emaar Properties surged by 50 percent to $207 million during the first nine months of 2010 compared to the corresponding period a year earlier, said the CEO.

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