In an official statement, Deyaar Development revealed its intention to develop more hospitality projects in Dubai this year.
A number of hospitality projects are currently being planned for by the developer such as Business Bay, Al Barsha, and Dubai South, with its Mont Rose, three-building development which is scheduled for completion by the fourth quarter of this year.
According to Construction Week, David Milligan, head of projects and commercial, Deyaar Development, said that the company has entered a joint venture with Dubai South as the master planner where there will be a hospitality project added to the project.
Milligan also added that The Atria in Business Bay is due for delivery by the end of this year. He continued that a hotel project within the developer’s Midtown development in Dubai Production City is coming online very soon.
Commenting on Dubai’s occupancy rate, Milligan said that even though the occupancy rate has gone down to more than 75% after registering 92% at one point, but it is still considered profitable to this minute.