Time Hotels Management, is a new Dubai-based hospitality company, specialising in contemporary hotels and hotel apartments, and manages all aspects of hotel operations from front office and food and beverage to finance and IT. Six properties – two hotels and four hotel apartments – throughout Dubai and Sharjah currently trade under the Time brand namely: Time Oak Hotel & Suites, Dubai, Time Plaza Hotel, Dubai, Time Opal Hotel Apartments, Dubai, Time Topaz Hotel Apartments, Dubai, Time Crystal Hotel Apartments, Dubai and Time Ruby Hotel Apartment, Al Khan, Sharjah.
Time is well-capitalised with significant management expertise that stems from a combination of international know-how and extensive regional knowledge. The company has an aggressive business strategy to transform Time into one of the leading hospitality businesses in the UAE with several properties planned and new projects in the pipeline.
Owned by the public shareholding company Gulf General Investment Company (GGICO) and Investment Group Ltd (IGL), Time is forecasting a highly respectable turnover of approximately $27 million (Dh100 million) during the current financial year.
The hospitality sector in the UAE continues to grow unabated and with low-cost airlines such as Air Arabia and more recently flyDubai, the UAE as a destination has become more accessible.
Helping to broaden the appeal of the emirates is the expanding market for mid-scale, value-for-money hotels and hotel apartments, ideal for corporate long staying or mid-management guests as well as GCC leisure travellers, especially families, as Mohamed Awadalla, area vice president of Time, explained: “The hotel and hotel apartment market has witnessed substantial growth in the UAE since 2008 and it is set to continue developing still further. As the demands of regional and international travellers continue to diversify, the hospitality market is increasingly sought after. Many guests today simply want good facilities with friendly guest service at reasonable rates; value-for-money is the cornerstone of our brand proposition.”
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The living room at Time Oak Hotel & Suites and the poolside at Time Plaza Hotel (above) |
Indeed, according to the latest industry forecast issued by international industry consultant Business Monitor International (BMI), the number of foreign tourists heading to the UAE this year is expected to reach almost nine million, highlighting its perennial attraction to overseas visitors.
And yet, despite the continuous additional supply in the number of hotels throughout the UAE, STR Global’s ‘Middle East/Africa hotel review’ shows that for the full year 2011 average hotel occupancy still rose to 71.4 per cent - up from 66.2 per cent in 2010. Occupancy in Dubai alone, for the same time-period, increased to 75.4 per cent – up from 70.5 per cent in 2010.
Similarly in Dubai, average room rates and revenue per available room (RevPar) were up Dh26 ($7) per night and Dh59 ($16), per room per night respectively.