Sunday, Sep 17, 2006
DUBAI (Zawya Dow Jones)--Dubai's Zabeel Investments is to develop America Hotels & Resorts for 1.85 billion U.A.E. dirhams ($504 million) as part of the Dubai government's Bawadi tourism megaproject.
Bawadi, a unit of government-owned Tatweer, said Sunday that America Hotels & Resorts will be one of the 31 themed hotels currently under development at Bawadi, on the outskirts of Dubai city, a project worth as much as AED100 billion.
The 3-star America Hotels & Resorts facility will host "Broadway" shows, Bawadi said in a statement.
The signing ceremony took place between Bawadi Chief Executive Arif Mubarak and Mohammed Ali Al Hashimi, executive chairman of Zabeel Investments, a development company owned by "prominent U.A.E. nationals", according to a Zabeel spokeswoman.
Over the next eight years, Bawadi projects will double the current number of hotel rooms in Dubai, including the world's largest hotel, Asia-Asia, which alone will add 6,500 rooms.
Zabeel, which in July bought a stake in Dubai-based real estate company Asteco, is also developing the AED2.1 billion Tiara Residence and Anantara Resort on Palm, Jumeirah.
-By Simeon Kerr, Dow Jones Newswires, +97142285225, simeon.kerr@dowjones.com
(END) Dow Jones Newswires
09-17-06 0847ET
Copyright Zawya Dow Jones Newswires 2006
