News Middleeast News Dubai luxury hotel to cease operations
| Dubai luxury hotel to cease operations |
| News - Middleeast News | |||
| Thursday, 24 September 2009 11:47 | |||
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A luxury hotel in Dubai will be converted into a residential property as the economic downturn hurts its revenues amid dwindling tourist numbers , UAE daily the National reported on Thursday. The Angsana Dubai Hotel, owned by leading jewellery chain Damas and managed by Singapore’s Banyan Tree Hotels, is “an apparent victim of the price war taking place in the city’s hotel sector,” the newspaper said. Damas is selling the 417-suite hotel, located near the Dubai International Financial Centre, for residential use because of the “challenging economic environment brought on by the global economic recession,” it reported, citing the hotel’s management. Competition has grown in Dubai’s hospitality sector as hotels vie for the limited number of visitors with reduced rates. Occupancy levels in the city were down 15 percent in the first seven months of the year, compared to the year-earlier period, while revenue per available room, a key measure of performance, suffered a fall of 35 percent, according to hospitality research firm STR Global. Dubai has more than 58,000 hotel rooms and dozens of hotel projects are underway as part of an ambitious goal to attract 15 million tourists to the city in 2015.
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