| 29 Jul 2010 |
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Hircon to check into Dubai's hospitality sector
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Hircon InternationalHircon International
, a Dubai-based real estate developer, is looking at entering the hospitality sector in a big way by buying five-star hotels in the emirate, a top company executive has revealed."We are in talks with a few people and are looking at two to three properties," Darshan Hiranandani, Director, Hircon InternationalHircon International, told Emirates 24|7.
One of the priced properties of Union PropertiesUnion Properties, the Ritz Carlton hotel in Dubai International Financial Centre, has been put for sale. A number of international funds too have shown inclination to buy hotels in the UAE.
Dubai's RevPAR (revenue per available room) remains one of the highest in the world, according to the Deloitte Analysis of Selected STR Global Hotel Performance Data for the Middle East
Occupancy in Dubai increased by eight per cent to 75.7 per cent during the period year-to-date May 2010, compared to the corresponding period last year.
On the other hand, RevPAR for Dubai was estimated at $182.03 during the period year-to-date May 2010, representing a marginal decline of 2.2 per cent from the corresponding period in 2009, the Deloitte and STR Global report said.
By Parag Deulgaonkar
© Emirates Business 24/7 2010
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