Dubai: Dubai’s Jumeirah Group is to expand its presence in Europe and US after the acquisition of the Le Richemond Hotel in Geneva earlier this year. And the plan could include more hotel chain acquisitions in Europe, including in Vienna and the South of France.
Le Richemond in Geneva, which is being fully renovated to open in 2025, will add to Jumeirah’s footprint in Europe, which includes a presence in London; Capri and Mallorca. “We are looking to find the right destination with a high density of luxury and ultra-luxury travellers,” said Katerina Giannouka, who recently took charge as CEO of Jumeirah Group. “We are seeking the right opportunities to invest in repositioning assets or take over operating assets.”
The group istargeting assets that will align with its new brand expression of luxury hospitality. “We are also keenly looking at the US market,” she added. This year, the group will open the Jabal Omar Jumeirah in Mecca, followed by the Jumeirah, The Red Sea in 2024, which will be one of the first projects to open there. The Red Sea resort comprises 180 keys.
At the same time, Jumeirah’s Dubai properties are enjoying a surge in demand, reaching 100 per cent occupancy. The group is also nearing the final stages of completion of the highly anticipated Jumeirah Marsa Al Arab in Dubai.
Target new growth ways
“Most of our growth will now be outside of Dubai," the CEO said. "We are pivoting to be able to grow outside of Dubai and build on the strength of the brand and the operating expertise that we have in the city. However, if something opportunistic comes up that’s the right profile of hotel and location, we will look into it."
On expansion in Saudi Arabia, Katerina said: “We are focused on the two new openings in Saudi Arabia – the Jabal Omar and the Red Sea Project. There are other destinations we are interested in, including AlUla and potentially Neom. We would like to find out more, and definitely it’s on our radar to develop more locations in Saudi Arabia”.