Oct 02 2005 |
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Two groups join to build budget hotels
DubaiSunday, October 02, 2005With the five-star market saturated, the international hotel chains InterContinental Hotels and Crowne Plaza plan to invest Dh550 million to build the first group of economy hotels in the GCC in the next three years.
According to a source quoted in the Arabic newspaper Al Ittihad, the group will announce that a new agreement will be signed with Dubai International Capital Company to start its investment programme in budget hotels.
The group also will announce the setting up of 20 three-star hotels in five GCC countries. The UAE will have the lion's share of these hotels, the source added.
©Gulf News
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