Dubai – Mubasher: Dubai Investments Company (DIC) on Sunday announced that it has signed a partnership with Millennium Hotels & Resorts MEA to build Copthorne Creek Hotel, located in Al Hamriya.
The 138-room hotel is the second hospitality real estate project between the two partners, as they worked before on a four-star hotel in the Mirdif Hills project, according to the diversified investment group said in a statement to the Dubai Financial Market (DFM).
Commenting on signing the new contract, Khalid Bin Kalban, CEO of DIC, said, “This project is a further demonstration of the capabilities we have at Dubai Investments in both construction and real estate, and in parallel it also highlights our diversification strategy as we invest in the hospitality sector, part of our strategy which has seen investment in education, healthcare and more in recent times.”
Under the agreement, the new hotel will be fully owned by Dubai Investments Real Estate Company (DIRC) and is set to be managed by Millennium Hotels & Resorts MEA.
“We know that a partnership with a renowned developer of this stature will ensure that this latest addition to our regional portfolio which currently stands at 38 hotels in the MEA region, is of the highest standards offering our guests nothing but the best in terms of service and quality,” Ali Hamad Lakhraim Alzaabi, president of Millennium Hotels & Resorts, said.
It is worth noting that Millennium Hotels & Resort operates over 130 hotels worldwide, with almost 40,000 rooms.
DIC did not state further details regarding the hotel’s total cost and its timeframe.
By 10:25 am UAE time, DIC’s stock rose 0.75% at AED 1.34.
