By: Amr Adel
Dubai-Mubasher: Damac Properties plans to increase its hotel units to 2,000 by the end of 2016, the company’s Managing Director Ziad El Chaar said.
The company currently has 1,450 hotel rooms and serviced apartments under the management of Damac Hotels and Resorts, El Chaar added on the sidelines of the Arabian Travel Market 2016 exhibition.
Delivery of DAMAC Maison Royale in Burj area will add around 350-450 new units, he noted.
Damac owns a number of projects under development in the hospitality sector in Dubai, Riyadh and Doha, El Chaar said, adding that this expansion will raise the number of hotel rooms and serviced apartments to 15,000 by 2021.
The company is currently working on completing two apartment towers in Riyadh, to be delivered by the end of 2016.
Damac declined 0.7% to AED 2.82 on Monday after trading 3.15 million shares, with turnover of AED 8.86 million.
