Sheikh Mubarak A M Al-Sabah, Founder and Chairman said: “I am delighted that we have agreed to acquire this prime freehold plot of land in such a desirable area. This acquisition reinforces our presence in key locations in Dubai. Media City is a thriving area of Dubai with more than 4,500 companies and we have identified strong demand for quality affordable accommodation. This sought-after location is generating significant operator interest and as always we will be working with our partner hotels brands to secure the best terms.”
Action Hotels, a leading owner, developer and asset manager of branded three and four star hotels in the Middle East and Australia, has told DirectorsTalk that it has agreed to acquire a prime freehold plot of land located in Innovation Hub, within Dubai’s Media City, from Innovation Hub FZ-LLC, a subsidiary of TECOM Group. This will be Action’s second hotel development in Dubai.
Set to open in 2017, Innovation Hub will comprise 1.6 million sq. ft. of world-class facilities and state-of-the-art infrastructure to companies of all sizes and will accommodate around 15,000 workers. Located in the heart of Dubai Media City, Dubai Internet City and Dubai Knowledge Village, Innovation Hub is situated less than 1km from the coast and surrounded solely by five star hotels, with only one other mid-market hotel within the vicinity.
Action Hotels has purchased the 5,553.5 square metre plot of land for $10.07m, funded through resources available to the Group. Action intends to develop the land into a three or four star hotel and is currently in discussions with leading hotel brands regarding operating partnerships. The project is expected to be completed in 2018.
Along with increasing business travel in the region, the tourism market in Dubai continues to perform strongly with tourism numbers increasing and Dubai Airport overtaking Heathrow in 2014 as the world’s busiest airport. This trend is set to continue with Expo 2020 expected to bring 25 million visitors to Dubai.
