Wednesday, July 25, 2007

Dh.100m hotel to be built by Landmark in Dubai Industrial Park

Landmark Real Estate Investment Management (LRIM) plans to invest Dh.100 million in a three star hotel in the Dubai Industrial Park (DIP).

LRIM, is a fund manager based in Dubai, and is making investment through its Landmark Real Estate Opportunity Fund launched during September 2005.

The fund has been invested in nearly ten real estate projects throughout UAE. According to Landmark's COO, Riyaz Jivanjee, this is the first hotel project in their portfolio.

The property will be managed by Copthorne Hotels and Millennium hotels under the brand Kingsgate Hotel and Resorts.

The property is expected to comprise 200 hotel rooms and forty suites. The preliminary design works has been agreed, and the hotel is expected to open during second quarter of 2009.

The Chief Executive Officer of LRIM, Chris Purdon, said "The project has been designed to meet the needs of leisure and business travelers and capture an investment opportunity due to the difference in demand and supply for mid-scale accommodation of business visitors to Dubai."

1 comment:

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