CORAL International is set to make a foray into the lower end budget hotel market, according to an official.
“We are now launching a new product which is a two and three-star property, more like a smart, affordable hotel in the near future,” Sheikh Mohammed bin Faisal Al Qassimi, chairman and CEO Manafa and vice-chairman, Coral International Hotels, Resorts & Spas, told TTN during an interview for our November issue.
He refused to share any more details with our reporter, however, only saying, “Plans are underway and you should hear about it soon.”
Sheikh Mohammed was responding to a question on the status of Coral Hotels’ plans and whether the chain is on track to reach its target of 25 new hotels in five years.
“I think by 2008 or early 2009, we will reach that target if not exceed it. At the moment we have eight properties operational and we have internal developments and management contracts from abroad that would cover the 25 properties mentioned,” he said, adding that the group’s priority is reaching its goals.
“It is important to achieve our target at the moment, irrelevant whether they are going to be under the [four- and five-star] Coral brand, the [recently launched three- and four-star business] Corp Executive Hotels brand or the new brand which will be launched soon,” he said.
– Reported by Shalu Chandan