700 Room Mixed-use Development Signed by Hasabi Real Estate and Accor Hotels in Dubai’s Prime Garhoud Area
700 Room Mixed-Use Development Signed by Hasabi Real Estate and Accor Hotels in Dubai’s Prime Garhoud Area
Roya advisory sees 4 and 3 star properties as the trend in a maturing market
Dubai, January 2016: Ròya, an international specialist hospitality consultancy firm based in Dubai, today announced the agreement signed by their client, Hasabi Real Estate with Accor Hotels. Roya was engaged by Hasabi Real Estate, a highly regarded real estate firm based in Dubai, to provide hospitality advisory services during the conceptualization and design stages up to and inclusive of the tendering of their mixed-use development.
Located in the desirable Garhoud area near the Dubai International airport, the complex consists of a 350 key 4-Star Hotel, 350 key 3-Star Hotel.
Speaking on behalf of Hasabi Real Estate, H.E. Saeed bin Ahmed Al Otaiba said: “We are delighted to be partnering with Accor Hotels as our operator and signed the agreement with them during this blessed month of Rabea Awwal. Ròya played a key role in the process and provided us with sound advice on the concept, efficient schematic and detailed design while simultaneously managing the hotel operator selection and negotiation process.”
When asked to speak on why Ròya did not recommend a 5 star property in this prime location Ahmed Ramdan Group CEO said: “Each property has specific factors and a unique offering that has to suit the market. Looking at the location and the footprint of the area as well as probable future developments, we felt that the best fit and potential return on investment for the owner indicated choosing the 4 and 3 star hotel category with a balanced blend of business and leisure tourism.”
Ròya’s role for Hasabi Real Estate in the operator selection was instrumental in leading the operator negotiations and facilitating the overall process to secure a favorable Memorandum of Understanding/Hotel Management Agreement and related auxiliary agreements which were signed in January 2016.
H.E. Saeed bin Ahmed Al Otaiba , Otaiba Saeed Al Otaiba , Aylan Saeed Al Otaiba and Hasabi Real Estate representatives with senior executives from Roya and Accor as well as key stakeholders during the signing ceremony.