Abu Dhabi’s Aldar Plans $408 Million Hotels Push to Woo Rich Tourists - Bloomberg
Abu Dhabi’s largest property developer will spend 1.5 billion dirhams ($408.4 million) to upgrade hotels it owns across the United Arab Emirates to capitalize on the growing demand for luxury tourism.
Aldar Properties PJSC will refurbish some existing properties within its hotel portfolio while expanding others, the company said in an emailed statement on Wednesday.
It’ll also bring Hilton Worldwide Holdings Inc.’s Waldorf Astoria and InterContinental Hotels Group Plc’s Vignette Collection to manage hotels in the city for the first time.
Abu Dhabi has a $10 billion plan to boost tourism and cultural activity in the emirate, which includes a Guggenheim museum that’s set to be about 12 times the size of its New York counterpart. It’s also opened a new airport, theme parks including Sea World and has been constructing luxury homes and resorts to cater to tourists and residents.
Abu Dhabi aims to increase the number of visitors to over 39 million by 2030 from 24 million in 2023 as it intensifies its competition with neighboring Dubai for rich tourists.
Aldar, which is partly owned by the Abu Dhabi government, is also planning to renovate a couple of hotels in Ras Al Khaimah, where Wynn Resorts Ltd. is planning the UAE’s first gaming resort.
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