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FINANCIAL NEWS
JAIH acquires Dubai beach hotel for USD100m
16 Feb 2012
(MENAFN) Dubai-based Jebel Ali International Hotels (JAIH) bought beach property in Dubai Marina’s Jumeirah Beach Residence (JBR) from Abu Dhabi-based Das Holdings, Arabian Business reported.
The 341-room hotel purchase deal is worth over a USD100 million, and is expected to open in October 2012.
JAIH, which manages a portfolio of hotels including Jebel Ali Golf Resort and Spa, Hatta Fort Hotel and Oasis Beach Tower, also in JBR.
Regional general manager David Thomson said the hotel was complete but that JAIH would be investing more than USD20 million in architectural upgrades and fit-out.
Thomson expected average occupancies of around 80 percent yearly in the four star hotel, yet to be named.
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