Real Estate News

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  • 15-Oct-2012
    Hotel plots up for sale in Dubai Marina.. read more

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YES Buisness Center
912,
Al Barsha 1,
Behind Mall of the Emirates
P.O.Box : 125341

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Hotel plots up for sale in Dubai Marina

One of the leading online listing companies has two unnamed hotels for sale in Dubai Marina thus boosting the market with the availability of already viable premium hotel plots which could be soon developed by leading hotel brands.

A total number of four plots of land are currently up for sale with two four-star hotel owners seeking new buyers. The plots range in price from AED120m (US$32m) to AED142m (US$38.6m).

A 12 storey, 59,000 sq ft property with 299 rooms has been listed with a price tag of AED320m (US$87m), while another four-star property, which is 129,000 sq ft and claims 100 percent occupancy, has an asking price of AED250m (US$68m).

As per a leading accountancy firm, Dubai hotels were some of the best performing in the Middle East and Africa last year.City-based hotels saw occupancy rise 5 percent to 90 percent and average room yields surged 11.7 percent to US$192. While beachfront hotels saw occupancy drop three percent to 83 percent, average room rates were up 6.2 percent to US$406.

Consultancy firm STR Global also said Dubai has more than 13,300 hotel rooms in its construction pipeline going forward, compared to 5,298 rooms in neighbouring Abu Dhabi.

As per a leading real estate consultancy the city could see a further wave of hotels being offered for sale as owners choose to exit the market rather than compete with newer, branded properties.

The development and investment strategy is of reaching optimum profit-making levels on your investments and selling it to optimize your return and develop another asset with the cash generated.