National Corporation for Tourism and Hotels plans expansion of asset management division
The National Corporation for Tourism and Hotels (NCT&H) has said it aims to own the assets of 20 hotels by 2015.
The company currently is the asset manager of 12 hotels which include around 3,000 rooms, mostly in Abu Dhabi, Al Ain and Dubai.
"The Asset Management Division is planning to manage 20 hotels by 2015," NCT&H said in a statement, adding that the division has played a vital role in supporting the corporation since it was created three years ago.
The division, along with other key sections at NCT&H, functions in line with the vision of HH Sheikh Hamdan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, NCT&H chairman.
Walid Nicolas Harouni, hotels division director at NCT&H, said: "The Asset Management Division is set to grow further, thanks to the continuous support by Sheikh Hamdan and the strong investors' confidence in the division and the corporation following its good performance so far this year."
He said that the division now plays a vital role in maximising NCT&H's profits, which grew by around 13.4 percent to AED34.6m in the first quarter of 2013 from AED30.5m in the first quarter of 2012.
The total revenue for Q1 was AED174.5m, an increase of 26.6 percent on the same period last year.
NCT&H was founded in Abu Dhabi in 1996 with the aim of promoting the UAE capital as a major tourism destination.