Property first of two in northern emirate under the Time Residence brand
Dubai-headquartered hospitality company, Time Hotels, has added a fourth Time Residence to its expanding UAE portfolio of serviced apartments, by launching the first of two properties in Ajman.
An announcement by the company said that Palm 1 Time Residence will launch in March this year and host 16 apartments for long-stay guests. Located on Hafiz Ibrahim Street, the property is in close proximity to the beach and close to Ajman’s shopping district. This launch will be followed by the second property, the Palm 2 Time Residence, featuring 20 long-stay apartments, it added.
“Since launching the Time Residence brand, we have seen the demand for quality and value serviced apartments rise across the region, as business travelers look for a home-away-from-home environment and leisure visitors, especially families, increasingly require room configurations the traditional hotel model cannot always accommodate,” said Mohamed Awadalla, CEO of Time Hotels.
“By adapting our flexible business model and service offering, we have created a hospitality brand that will work alongside our hotel presence to provide even greater choice for travelers.”
According to the Ajman Tourism Development Department (ADTT) the emirate’s hotels generated revenues of AED 410 million in 2016, with a total of 542,891 guests. Average hotel occupancy for the year stood at 69%, with hotel apartment occupancy at 75%, followed by furnished apartments (61%) and resorts (28.3%). During Eid Al Adha, occupancy rates went up to 98%, one of the many spikes witnessed throughout the year.
Ajman’s primary source markets remained unchanged in 2016, with UAE staycations remaining the strongest market, generating 134,900 guests, followed by the GCC nationals (84,310) and other Arab nationals (89,631), said ADTT.
“The Ajman tourism industry is going from strength to strength and we are delighted to be opening our first property as the work of the ADTT to promote the emirate to new markets begins to provide strong returns. Palm 1 Time Residence will be an important addition to Ajman’s accommodation inventory, providing visitors with even more options for their stay in the emirate, and we look forward to welcoming our first guests,” said Awadalla.
Time Hotels operates two Time Residence properties in Dubai: Oak TIME Residence and Oak Villas Time Residence, which target long-stay business travellers and families looking for flexible, quality-led accommodation in the urban heart of the city, said the company.
There are plans to take the Time Residence brand to Fujairah with the launch of Platinum Time Residence this year, allowing Time Hotels to position itself strategically in the emirate’s expanding hospitality market.
The openings are part of the hospitality company’s region-wide expansion plans, which will add three new hotels in Dubai – Time Asma Hotel, Time Royal Hotel & Spa and Time Express Hotel Al Jaddaf – and a further four hotels across Egypt, Saudi Arabia and Qatar.
“Our current pipeline of hotels and residences meets the demands of multiple markets by offering a high-quality hotel or serviced apartment for a market segment that is currently under-represented in the regional market,” said Awadalla.