Deyaar, Millennium & Copthorne ink Dubai hospitality deal
Operating deal involves three developments scheduled for completion between late 2017 and early 2018
Deyaar Development has announced it has signed an agreement with hotel group Millennium & Copthorne to operate three hospitality developments in Dubai.
The alliance spans three of the Dubai-based Deyaar’s projects, which include a hotel and serviced-apartment development in Al Barsha next to Mall of the Emirates, according to a company statement.
The second deal involves luxury residences at The Atria in Business Bay, and the third premium serviced apartments at Montrose in Dubai Science Park.
Millennium & Copthorne is set to manage and operate the hotels and serviced apartments, as well as provide consultancy services during the construction phase.
The total number of units across the three developments comes to 953, including one-, two-, and three-bedroom serviced apartments, and four-star hotel rooms.
They are all scheduled for completion between late 2017 and early 2018.
Saeed Al Qatami, Deyaar’s chief executive officer, said: “The new developments will provide convenient overnight, short-term and long-term hospitality options for business and leisure travellers to Dubai. We have chosen our locations based on convenient access to the major business and transport nodes, including malls, metro stations and offices. Family tourism in Dubai is booming, with large leisure and entertainment attractions opening this year. Deyaar’s agreement with Millennium & Copthorne, a reputed and respected international hotel operator with an excellent track record in global hospitality, positions us well to support this growing tourism sector.”
Ali Hamad Lakhraim Alzaabi, president and CEO of Millennium & Copthorne MEA, added: “We are delighted to partner with Deyaar, a company of excellence in the real estate sector, to bring these exciting developments to the market. The projects will add to the breadth of Dubai’s hospitality offering, boosting the number of international standard, high quality hotel rooms and serviced apartment accommodation to meet rising demand. Such an agreement means we remain firmly on track to reach our target of 100 hotels by 2020, positioning Millennium & Copthorne as one of the fastest growing hotel groups in the region.”
The announcement follows a MoU signed in September 2015 between the two players.
