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Thu 11 Sep 2014 02:54 PM

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Aldar Properties says hotel revenues rise 13% in H1

Developer operates nine hotels in the UAE, including seven on iconic Yas Island

Aldar Properties says hotel revenues rise 13% in H1

Aldar Properties on Thursday announced that average occupancy rates within its hotel portfolio stood at 82 percent at the end of the second quarter of 2014 versus 78 percent in 2013.

Revenues for the first six months of 2014 reached AED283 million, an increase of 13.1 percent from the same period in 2013, the developer said in a statement.

It said the improved performance reflected a "substantial increase" in leisure and corporate visitors to Abu Dhabi, particularly to Yas Island.

The company added that F&B revenues across the portfolio - 35 units in total - were up 11.4 percent in the first six months of 2014 compared to the same period last year.

Key components to this growth were corporate meetings, incentives, conferences, and exhibitions (MICE), and leisure segments that made up 60 percent of rooms occupied.

The top five feeder markets across the portfolio were guests from the GCC, India, Germany, UK and China.

Talal Al Dhiyebi, executive director of Asset Management at Aldar Properties said: "Our first-class facilities that meet the demands of a broad range of leisure visitors have driven year-on-year occupancy increases.

"We are also witnessing high demand from corporates with bulk bookings for conferences and events. Demand growth within the hotel market has coincided with strong tourism figures as a result of the growing attractions that are on offer throughout Abu Dhabi such as the award-winning Yas links golf course.

Aldar currently owns and manages nine hotels across the UAE, seven of which are located on Yas Island.

These include the iconic Yas Viceroy hotel built around the F1 Yas Marina Circuit, and six plaza hotels run by world renowned operators. The portfolio also includes the award winning 18-hole golf course, Yas Links, and Yas Beach.

Aldar will also be overseeing the opening of the 195-key Courtyard by Marriott in the WTC Abu Dhabi development towards the end of the year, the statement said, adding that it is part of plans to see the addition of 1,000 room keys in the next few years.

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