Gulf hotels buy a hotel in Dubai

Gulf Hotels Group chairman of the board, Farouk Al Moayyed, revealed that "the group has bought a ready-to-wear hotel worth 35 million dinars in the city Emirati Dubai. "The purchase will be funded up to 71%. On the sidelines of the extraordinary general meeting, reporters said the group would borrow 25 million dinars to buy a ready-to-wear hotel in Dubai, which is expected to open in October.
The extraordinary general meeting of Gulf Hotels Group, Arrangement of a loan of 25 million dinars from a bank "The new hotel will help the Group to develop outside the Bahrain market and will allow the Group to exploit the growth opportunities of the Dubai hotel sector by hosting the Expo in 2020. "
The number of rooms "The hotel has 269 rooms and is a 4-star hotel," said Al-Moayyed, adding that the new hotel will offer a budget of 3 million dinars a year. "

(19459005) and the developments of the Business Bay Hotel in Dubai, announced by Qab" The project was delayed about two years because of building permits and roads because of the procedures The company is considering options for postponing the project or going out by selling the land, "said Al-Moayyed, 3 restaurants, a variety of meeting and banquet facilities, a spa, a fitness center and a gym. 39; other first class facilities, including a large number of parking spaces.The hotel is located on Dubai Creek, near Burj Khalifa and Dubai Mall.After 1.5 km.

Opening Juffair Hotel Apartments in November
"We plan to open the project in November after completing the project of the hotel apartments in the Juffair area, which cost about 10 million dinars, and transferred project activity in lou family flats es. "
Al-Moayad attributes the company's reliance on the transfer of project activity to rental apartments due to the increase in the number of new hotels and increasing competition for rooms hotel offered in the Kingdom. "
Under the current plan, half of the project's apartments were rented to the company's employees and the remaining apartments will be rented.

Profitability and Hotel Occupancy have decreased in Bahrain
Bahrain's hotel sector faces many challenges Room prices over the past four years due to competition, as well as significant increases in costs and fees, such as facilities that have a negative impact on profitability. "
Al-Moayad noted that" In room revenue With a decline of 11.8% in the hotel sector in Bahrain, occupancy rates and rates means decreasing in 2017. "The decline in the occupancy rate and available room revenues (REVPAR) seen by the hotel sector over the past four years continues this year; In room rates, which have a direct impact on profits.
Gulf hotels are planning to diversify their investment portfolio outside of Bahrain through the acquisition and purchase of hotel projects. Renovation of the Crowne Plaza Hotel & Spa The Gulf Hotel in Dubai and the creation of a retail company in Sri Lanka with a capital of one million dinars.
Gulf Hotels Group owns Gulf Hotels and Crowne Plaza (through its Bahrain Tourism Company subsidiary) Gulf Hotels International, the Gulf Laundry International Hotel and the Gulf Hotel Laundry Services, which manages the K Hotel Hotel and the Asdal Golf Inn in Bahrain and Ocean Paradise Resort, which has interests in Zanzibar.