Six years since Damac Hotels & Resorts was founded, and its chairman, Hussain Sajwani, is sitting on a very profitable business. With 2016 revenues for Damac Properties amounting to AED 7.2bn (US $1.9bn), and the value of projects currently under development standing at US $20bn, the outlook for the company is very positive indeed.
With five hotels and 2,000 rooms in operation, and 26 pipeline properties, from hotel rooms to serviced apartments and villas, the company has now added the Damac Maison de Ville brand to its regional portfolio.
Although the hospitality arm of Damac Properties is only six years into its journey as an operator, Sajwani is well-versed in the hospitality development business. Launching the hospitality arm of the company was his answer to the growing need he saw for luxury hotel and hotel apartment properties as a result of the booming tourism sector and huge number of visitors to the region.
He tells Hotelier: “We have two more properties that are completed, one of which is ready to open as soon as next month. We are especially proud of Damac Maison Royale The Distinction, as it will be an ultra-luxury, five-star hotel apartment property, and the first to be operated under the premium hotel operator, Damac Maison Royale.”
The company is working to develop more than 20 properties, with 13,000 keys to be added to the existing portfolio, to reach 15,000 keys by 2021.
Damac Hotels & Resorts also introduced the Ghalia brand, offering the first certified Sharia-compliant serviced luxury hotel apartments for those guests that prefer Sharia-compliant amenities.
Other projects include hotels and villas – with a Hollywood theme – that will be operated by Paramount Hotels & Resorts.