Zabeel plans $503m hotel at Dubai development
ZABEEL Investments, a diversified investment company, will develop Dh1.85 billion ($503 million) America Hotels & Resorts as part of the Dh100 billion ($27 billion) Bawadi hospitality and tourism project in Dubai.
BAWADI, a member of Tatweer, today hosted a signing ceremony between Arif Mubarak, CEO of Bawadi, and Mohammed Ali Al Hashimi, executive chairman of Zabeel.
Zabeel is focused in the areas of commercial real estate development and management, private equity and asset management across a wide range of economic sectors in the UAE, GCC and overseas. Its collaboration with Bawadi will further strengthen its portfolio as developers of prestigious world class ventures in the hospitality sector.
Al Hashimi said: “It is our privilege to be associated with Bawadi, a milestone project that has already notched a reputation as pioneers of creativity and innovation. This is our biggest venture in the hospitality sector yet, we hope to meet and exceed expectations by developing this unique resort as the ultimate destination within Bawadi.”
America Hotels & Resorts will be one of the 31 thematic hotels currently under development at Bawadi. Hosting New York’s famous Broadway acts, the hospitality project will be of three-star rating, and comprise 500 rooms, various international restaurant chains and a shopping boulevard modelled on New York’s 5th Avenue.
The Dh100 billion hospitality and tourism development project representing a unique fusion of culture, history and leisure, Bawadi, was launched earlier this year.
Over the next eight years, Bawadi projects will double the current number of hotel rooms in Dubai. At centre-stage will be the world's largest hotel, Asia-Asia, which alone will add 6,500 rooms.