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FINANCIAL NEWS
Habtoor Group’s 5-star hotel project to be resumed
06 Oct 2011
(MENAFN) Khalaf Al Habtoor chairman of the Dubai-based Habtoor Group announced that the group will continue working on a USD272.2 million hotel project on the Palm Jumeirah.
The construction of the 330-room five star hotel was stopped in the wake of Dubai’s debt crisis, and its real estate prices dived more than 60% from their 2008-peak.
He reiterated that the project will be the first of several announcements to be made before the end of the year.
He added that the project, which is funded by the conglomerate, is expected to open to be finished by 2013, and will include a spa, private beach, six restaurants and a nightclub.
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