Dubai developer Omniyat announced its intention to implement another hospitality project worth US $ 270 million in Dubai's Business Bay, following the recent announcement of agreements signed with Langham Hospitality Group and Melia hotel brand on opening hotels under their names in Dubai’s Business Bay.
Mahdi Amjad, founder of Omniyat, told press that the company’s main goal in the hotel sector development is to attract new hotel brands and visitors to Dubai, and for this purpose Omniyat plans to keep cooperating with international hotel chains.
Owing a number of land plots in the Dubai prestigious Business Bay area, acquired at a time when the area was, in fact, a wasteland, Omniyat today has a lot of opportunities for the development of almost any real estate sector in the area. And the developer decided to make its choice in favor of the hospitality real estate. Thus, in 2017 Omniyat plans to hand over a new hotel under ME brand in a building called Opus, designed by famous Zaha Hadid, operated by Melia hotel operator, and just the day before came information about a new partnership between Langham Hospitality Group and Omniyat who joined their efforts to work on a new hotel in Business Bay. Including all these projects, the total cost of the projects in the developer’s real estate hospitality portfolio will increase up to US $ 4.4 billion.
In addition to these complexes, Omniyat is also engaged in implementing an impressive hospitality and residential real estate project on the Palm Jumeirah Island and in Dubai Maritime City: a set of exclusive super-premium properties at The One complex on the manmade island, Anwa apartments and townhouses complex in Dubai Maritime City, and also The Sterling complex with 139 residences.
The global hotel property market, according to JLL, is experiencing a new boom in recent months, due to which the number of transactions in the world’s hotel real estate sector in the past six months increased by 55%, and their total value reached a record of US $ 42 billion.