Dubai’s Atlantis is looking to build as many as four additional hotels across the world, hoping to cash in on a leisure travel boom that’s so far proved resistant to concerns over inflation and a darkening economic outlook.
“We’re very interested in growth and looking at a lot of different markets and opportunities,” Timothy Kelly, Managing Director of Atlantis Dubai said in a recent interview. “We’re hoping this year to earmark a couple of deals,” he said, adding that the company is looking at Southeast Asia, the Middle East and North America.
The comments come amid a sustained rebound in leisure travel that’s boosted prices for everything from plane tickets to hotels and rental cars. Results from Booking Holdings Inc. and Expedia Group Inc. to Royal Caribbean Cruises and TUI AG point to consumers’ willingness to continue spending on services and experiences even if they’re paring back on physical goods.
Atlantis Hotels, owned by Dubai’s sovereign wealth fund, operates two large properties in the emirate and one in Hainan, China. Its hotels include the recently opened $1.5 billion Atlantis The Royal, where the top suite can go for $100,000 a night.
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