Business | Property
Channel Sponsor
Jumeirah's expansion plans remain on track
Jumeirah Group said occupancy at its properties remains strong and expansion plans are on track amid the global financial crisis.
- Bloomberg
- Published: 23:55 October 23, 2008
Singapore: Jumeirah Group said occupancy at its properties remains strong and expansion plans are on track amid the global financial crisis.
Jumeirah, which owns 11 hotels including the Burj Al Arab in Dubai, is enjoying occupancy of 86 per cent in the emirate, said Tony Cousens, senior vice president in charge of Asia Pacific. Most of the company's properties are in Dubai.
"There will certainly be some impact on the travel industry, the hospitality and leisure sector," Cousens said in Singapore yesterday. "However, in the luxury sector, we remain optimistic. Interest from potential owners and investors to manage luxury hotels remains strong."
Jumeirah plans to have 60 hotels by 2012, with a third of them in Asia, to compete for visitors when the region recovers, Cousens said yesterday. International arrivals to Asia will grow as much as eight per cent from 2008 to 2010, or 460 million tourists, according to the Pacific Asia Travel Association.
"There may be some slowdown," Cousens said. "However, the rest of our hotels are coming in from 2009 to 2012. We are well positioned."
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
Media baron Murdoch cries foul
Murdoch's suggestion of content theft infuriates digital evangelists
-
Jobs vital to global recovery
Higher unemployment reduces purchasing power and revenues
-
Abulhoul Aviation to begin operations
New charter company will use Cessna 206 Station Air to transport tourists
-
Banking
Mortgages: there's light at the end of the tunnel
UAE buyers are securing home loans again
