Nakheel to invest Dh5bn in new hotels in five years, chairman says - The National

Nakheel to invest Dh5bn in new hotels in five years, chairman says - The National:

Nakheel, the Dubai-based real estate developer behind the Palm Jumeirah, plans to invest Dh5 billion in new hotel projects over the next five years as part of a Dh27bn retail and hospitality expansion to diversify its offerings, its chairman said. 

The private company, which is building the Deira Islands mixed-use scheme, signed a Dh500m deal on Thursday with Thailand-based Centara Hotels & Resorts, to develop a four-star beach hotel in the scheme, with construction starting next week.

 “The four-star hotel segment is the fastest-growing hotel segment in Dubai at present, with 10 per cent year-on-year growth in hotel rooms last year,” Nakheel chairman Ali Rashid Lootah told reporters at the company's headquarters.