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FINANCIAL NEWS
TDIC postpones building hotels on Saadiyat Island
22 Jun 2011
(MENAFN) TDIC’s acting chief executive, James Pringle, said that in order to make the Saadiyat Island project more possible in commercial terms, the developer of the multibillion dollar project would postpone the establishment of several hotels there, reported The National.
Pringle added that TDIC would open each hotel at a phase as a result of global financial issues and global economic realities and not at once as it was planed originally three years ago; moreover, the master plan indicated that at the end of the project, the number of hotels should reach 29 across the island.
He also said that the Saadiyat development would cost more than USD25 billion and would include branches of the Guggenheim and Louvre museums, and golf courses along with beaches and housing developments.
It is worth noting that in November, TDIC will open its luxury St Regis resort on the island, whereas the Park Hyatt hotel, being established by Abu Dhabi National Hotels, will be expected to open a few weeks ahead of that property.
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