DAMAC Properties Launches New Serviced Hotel Apartment Operator on the eve of Arabian Travel Market;

Real Estate

DAMAC Properties Launches New Serviced Hotel Apartment Operator on the eve of Arabian Travel Market;

Dubai, United Arab Emirates: 4 May 2014: DAMAC Properties, one of Dubais largest luxury real estate developers, has announced the launch of NAIA by DAMAC its latest hotel management services company which will cater to guests in more than 2,200 Hotel Apartment units across the city by the end of 2014.

DAMAC Properties is a pioneer in the serviced hospitality industry in the Middle East, with NAIA by DAMAC set to manage projects including NAIA Downtown Jebel Ali, which will begin operations this month. Other projects which will come online include NAIA Downtown AKOYA, NAIA Miracle Garden, NAIA Dubai World Central, NAIA Jumeirah Village, NAIA Business Bay, and NAIA Al Maktoum Airport Street. The brand will present spacious and convenient units, connected to the urban space of the emirate.

The unveiling of NAIA by DAMAC comes off the back of the successful launch of DAMAC Maison Hotels and Hotel Apartments the companys other luxury serviced hotel apartment operator, which already serves DAMAC Maison Dubai Mall Street and will ultimately manage almost 6,500 units across the region.

Each NAIA by DAMAC unit comes complete with a fully-fitted kitchen and maid services, with access to a restaurant, kids club and swimming pool.

NAIA by DAMAC serviced hotel apartments offer the best starting point to discover and enjoy the city, said Niall McLoughlin, Senior Vice President, DAMAC Properties. Complete with high-quality hotel standard services, NAIA by DAMAC projects provides the convenience and connectivity needed to fully explore your city.

Full details of the service offering will be showcased during the Arabian Travel Market, which starts tomorrow at Dubai World Trade Centre. DAMAC Properties will be exhibiting at stand HC5560 in the Sheikh Saeed Arena.

The latest HotStats figures for Dubai, show that throughout March 2014, Dubai hotels were running at an average of 88.4% occupancy, with an average room rate just under AED 1,500 per night. The report added that: The Dubai hotel market continues to grow at an impressive rate, with average rates in the first quarter of 2014 increasing 5.6% to US$ 389.99.

66 million people passed through Dubai International airport last year, of which close to 12 million visited Dubai and according to Dubai Tourism and Commerce Marketing (DTCM), Dubai currently has around 87,000 rooms, servicing those visitors. However it is expected this number needs to rise to around 150,000 rooms to service the anticipated 20 million tourists by 2020.

Everything about NAIA by DAMAC represents a starting point of discovery; an invitation to let go of yourself and be enthralled by the city, added McLoughlin. We see a big market for NAIA by DAMAC serviced living in Dubai, which is designed specifically with the influx of tourists to Dubai in mind and we look forward to discussing this new living experience with our clients and guests during the Arabian Travel Market.

DAMAC Properties has delivered 9,318 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of December 31st 2013.