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United Arab Emirates
Wyndham Worldwide Corporation
Viceroy Hotel Group
Sigma III Limited
Whether or not Dubai is fully recovered or even fully in recovery is a matter of debate, but one thing that is undeniable is the recovery in the high-end segment, and the recovery of good properties in the best areas. The latest testament to that recovery will certainly be an interesting development to watch.
Wyndham Worldwide Corporation has announced plans to enter the United Arab Emirates with its first property in Dubai. In the overseas property investment world Wyndham has become almost synonymous with quality, not only in terms of the quality of its properties, but also quality in terms of the investment packages on offer in the branded investments.
The hotel group signed an agreement with Sigma III Limited, a subsidiary of British developer The First Group, to manage the 33-story Wyndham Dubai Marina, according to a company release.
"I have no doubt that Wyndham Dubai Marina will be another superb addition to the brand, which we are already growing in key cities throughout the Middle East," said Wyndham Hotel Group chief executive Eric Danziger, said in the release.
The Dubai marina tower, which is expected to open in the next 3 years will offer 497 guest rooms, 6,800 square feet of restaurants and bars and 2,500 square feet of leisure facilities. This will be an addition to the group's significant footprint in the region including over 6,100 rooms across more than 30 hotels, including the recently-added Wyndham Grand Regency in Doha opened in 2011.
During the boom such announcements by big brans were common in Dubai, indeed it was easy to say that such brands were falling over themselves and each other to get a slice of Dubai-pie. But since the crunch chewed the pie up and spit it out the bigger brands have been cagey. Depending on the success of Wyndham's new venture we could see more. Already Wyndham is joined by the Viceroy Hotel Group which announced earlier in the week the development of its first property in Dubai, scheduled to open in 2017.
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*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.