Wealth Management by

Union Properties to build 1,000 hotel rooms by 2019

May 29, 2014 1:53 am

Dubai-based property developer, Union Properties (UP) has said it plans to build around 1,000 hotel rooms in the next five years to address a shortage in the middle- and lower-end of the market, Bloomberg has reported. “Most of the demand is at the three- and four-star level, because the majority of existing affordable hotels tend to be located in the older part of Dubai,” said UP managing director, Ahmad Al Marri. “We can’t invite people to visit the city just to have them come and find it very expensive.” Union Properties plans to build four hotels and is looking for land plots in Business Bay and space along Sheikh Mohammad bin Zayed road owned by Dubai Investment Park, Al Marri said. The company will use its own cash to start construction and may borrow from banks or seek equity partners to complete the work, he said.