UAE national Hussain Sajwani is the founder and chairman of multibillion-dollar conglomerate Damac Properties. The property development company’s hospitality arm — Damac Hotels & Resorts is looking to boost its current portfolio of 1,700 hotel units delivering 15,000 operational units by 2021.
Given its active pipeline for the next five years, Damac Properties revealed that its hotel room portfolio will comprise approximately 10% of Dubai’s supply by 2021. An ambitious claim, but given Damac’s rampant growth in the region, it may just be right.
Sajwani said in a statement: “Over the past four years, Damac has delivered 1,700 hotel units that are in operation currently, and we’re looking to increase that to over 5,500 rooms by year end. The goal of delivering 15,000 keys by 2021 is a task that is both challenging and thrilling.”
After a slight delay, Damac Towers by Paramount is set to open at the end of this month. Standing at more than 270 metres in Dubai’s Burj area, when completed, the three buildings will comprise a total of 1,200 serviced suites.