Dubai Hotel Mogul Habtoor Says Don't Build More Hotels in City - Bloomberg:
Khalaf Al Habtoor, the Dubai billionaire who added 1,600 hotel rooms to the city through one project alone, said the market is now saturated and he’s looking to expand elsewhere.
“I would not recommend any expansion in hotels at all to anybody,” Al Habtoor said in an interview with Bloomberg TV. The group’s beach properties are doing well, “but with very low rates.” His city hotel occupancy is fluctuating and “the rates are not great,” he said.
The tycoon said he’s currently deciding whether it’s best to build or acquire between seven and 10 schools. He’s also studying building a specialized hospital with about 100 beds. Al Habtoor is planning to fund the investments through a mix of debt and equity.
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