Given its active pipeline for the next five years, Damac Properties revealed last year that its hotel rooms 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.
The property development company’s hospitality arm — Damac Hotels & Resorts is looking to boost its current portfolio of 1,700 hotel units over the next three years, delivering 15,000 operational units by 2021.
At the time of the announcement, Damac chairman Hussain Sajwani had 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.”
The team at Damac did not supply up-to-date numbers about its current operational portfolio and pipeline for this year’s Power 50 rankings. However, Hotelier’s own research shows the group opened a number of new projects in 2017, including the 305-key Damac Maison Royale The Distinction in Dubai’s Downtown district.
What’s impressive about the group’s strategy is that Damac Hotels & Resorts is only seven years into its journey as an operator, and yet has set ambitious targets that may well match some of the more well-established companies on this list.
The Hotelier team will keep a close eye on the group to see whether these numbers come to fruition.