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Aldar’s hotel portfolio revenues up 13% in first half

Average occupancy rates within at the end of June 2014 stood at 82% compared to 78% in 2013

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Aldar currently owns and manages nine hotels across the UAE, seven of which are located on Yas Island including the iconic Yas Viceroy hotel built around the F1 Yas Marina Circuit, and six plaza hotels run by different operators
Gulf News

Abu Dhabi: Aldar properties said on Thursday that the revenues for its hotel portfolio for first six months of 2014 reached Dh283 million, marking an increase of 13.1 per cent from the same period last year.

The average occupancy rates within its hotel portfolio at the end of June 2014, meanwhile, stood at 82 per cent compared to 78 per cent in 2013, Aldar stated.

It added that the company’s strong performance reflects a substantial increase in leisure and corporate visitors to Abu Dhabi, particularly to Yas Island. In addition, food and beverage revenues across the portfolio were up 11.4 per cent in the first six months of 2014 reaching Dh113.9 million from Dh102.2 million during the same period last year.

Key components to this growth were corporate meetings, incentives, conferences, and exhibitions (MICE), and leisure segments that made up 60 per cent of rooms occupied, as per the statement. And the top five feeder markets across the portfolio included guests from the GCC, India, Germany, UK and China.

Aldar currently owns and manages nine hotels across the UAE, seven of which are located on Yas Island including the iconic Yas Viceroy hotel built around the F1 Yas Marina Circuit, and six plaza hotels run by different operators.

Destination

The portfolio also includes the award winning 18-hole golf course, Yas Links, and Yas Beach. The company will be opening the 195-key Courtyard by Marriott in the WTC Abu Dhabi development towards the end of the year.

Talal Al Dhiyebi, Executive Director of Asset Management at Aldar Properties said that in a statement that the company owns and operates one of the largest hospitality and leisure portfolios in Abu Dhabi, enhancing the capital’s position as a leading entertainment and leisure destination.

“Our first-class facilities that meet the demands of a broad range of leisure visitors have driven year-on-year occupancy increases. We are also witnessing high demand from corporates with bulk bookings for conferences and events. Demand growth within the hotel market has coincided with strong tourism figures as a result of the growing attractions that are on offer throughout Abu Dhabi such as the award-winning Yas links golf course,” he said.

“All our hotels are located in unique areas across the Emirate. Yas Island for example has emerged as a unique, all-encompassing hospitality and entertainment destination. With easy access to the airport, Yas Links, Yas Waterworld and Ferrari World, the island is one of the many great attractions that have helped us grow in the sector. With the opening of the Yas Mall, Abu Dhabi’s first super regional mall, in November 2014, Yas Island will continue its evolution towards becoming the region’s leading leisure and entertainment destination,” he added.

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