YOTEL, an affiliate company of Kuwait-listed IFA Hotels & Resorts KSCC, has signed a long-term agreement with Dubai Investment Properties LLC (‘DIP’) to operate a new hotel in Dubai, UAE. This marks the hospitality brand’s first property in the Middle East.
The hotel is part of a major new development located on Sheikh Zayed Road, directly adjacent to the upcoming Dubai Water Canal Project and at the gateway of Business Bay, the city’s fastest growing business district. The hotel will be a short walk from the Business Bay Metro station and just minutes from Downtown Dubai, the Burj Khalifa and the Dubai Mall.
The property will also feature 127 serviced apartments, also managed by YOTEL, marking the brand’s debut in the fast-expanding serviced residence space.
‘YOTEL is a strategic company for our group’ said Talal Al Bahar, Chairman and Group CEO of IFA HR. ‘The brand has increasingly global potential in its ability to deliver attractive returns to investors and an exceptional guest experience at an affordable price. The concept and product are ideal for Dubai, a market where IFA HR has been active for over a decade.’
‘We are delighted to announce our first project in the UAE with DIP’ said Hubert Viriot, CEO of YOTEL. ‘Dubai has a thriving hospitality market but lacks good quality, affordable luxury hotels. YOTEL Business Bay will put an end to this oddity and be a true flagship for our brand in the Middle East, a region with huge untapped potential. This project is also our debut into the serviced apartment segment, a natural extension to our brand DNA – smart spaces delivering outstanding value.’
Francois Faure, Executive Director of DIP, added ‘Ever since its creation in 1994, DIP has been focused on developing selective, forward-looking projects. YOTEL brings something new and entirely unique to the local hotel market, and is in line with Dubai’s Tourism Vision 2020 as well as its Department of Tourism and Commerce Marketing objective to develop more mid-range hotels. YOTEL Business Bay will also perfectly complement the SINGLE Business Tower, our existing office tower located directly adjacent.’
‘We are proud to add YOTEL to our list of landmark projects in Dubai’ explains Abdallah Moneimneh, General Manager and Chief Architect at Arkiteknik International. ‘Inspired by the YOTEL brand, we have created a contemporary ‘chic’ design. The building reflects simplicity and geometric elegance, offering a minimalist design with a twist and showcasing the YOTEL concept.’
Dubai’s prominence as a capital renowned for attracting a mix of sophisticated business and leisure visitors continues to strengthen. With over 10 million visitors in 2014, Dubai was the fifth most visited city in the world by international visitors, with Saudi Arabia, India, the United Kingdom and the United States topping the list of source markets.
The Dubai Tourism Vision 2020, approved by His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, aims to attract 20 million visitors by 2020 when Dubai will host the World Expo. New infrastructures are under construction, including the new Al Maktoum Airport which will handle more than 120 million passengers per annum; several world class attractions such as Dubai Parks, which will comprise three theme parks: motiongate™ Dubai, Bollywood Parks™ Dubai, and LEGOLAND® Dubai; the Dubai Opera, a 2,000-seat cultural icon in Downtown Dubai; and the Dubai Design District, a district dedicated to local designers and global brands alike, located steps away from the Business Bay District and the new YOTEL.
This agreement represents the first phase of YOTEL’s aggressive expansion into the Middle East. The company is currently in advanced negotiations on potential hotel projects in other key destinations in the region, including Riyadh, Jeddah, Istanbul and Abu Dhabi.
