Emaar Hospitality reports above average hotel occupancies
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Emaar Hospitality has reported that occupancy at The Address Hotels + Resorts is 86% higher than the industry average.
The announcement was made as Emaar Properties recorded a 12% hike in net profit to US$674 million in the first six months of 2016, compared to the net profit of $600 million during the same period last year.
The half-year 2016 revenue was $1.976 billion, 11% higher than the H1 2015 revenue of $1.775 billon
Emaar’s recurring revenues from its malls, retail and hospitality and leisure segments hit $794 million, which is 40% of the total H1 2016 revenue.
Cementing the success of its international expansion strategy, revenues from Emaar’s global operations were $281 million during H1 2016. The global operations now account for 14% of the total revenue.
Emaar Properties chairman Mohamed Alabbar said the strong half-year results highlighted the success of Emaar’s growth strategy, consolidating its position as the largest developer of iconic projects in Dubai.
“We are in one of the most exciting phases of our growth story having launched a brand-new icon for the city – The Tower at Dubai Creek Harbour – and the imminent roll-out of Dubai Opera in Downtown Dubaim” he said. “We are scaling up our malls business with the launch of a Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall. We are also strengthening our hospitality portfolio with 35 new hotels and serviced residences in the UAE and international markets.”
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