Dubai's Nakheel launches new hotel division

Nakheel Hospitality and Leisure will focus on growth in hotels, beach clubs, recreation centres
Dubai's Nakheel launches new hotel division
Nakheel banners
By Andy Sambidge
Thu 04 Jul 2013 08:07 AM

Dubai developer Nakheel is expanding its business portfolio with the creation of a new division called Nakheel Hospitality and Leisure.

The unit will focus on the company's growing number of hotels, beach clubs and community recreation centres, the company said in a statement.

The new division, headed by newly-appointed managing director Thorsten Ries, will oversee the development and operations of Nakheel's hotels and clubs, it added.

Nakheel is building a 240-room hotel at Dragon Mart, as part of its major expansion of the China-themed mall, a five-star, 40-storey hotel that will form part of the Nakheel Mall and Hotel complex on Palm Jumeirah and an economy hotel at Ibn Battuta Mall.

More hotels are in Nakheel's project pipeline, the developer said without giving details.

The developer also owns and operates a growing number of recreation and leisure clubs, including Jumeirah Islands Club, Jebel Ali Club and the Shoreline Beach Clubs on Palm Jumeirah.

German-born Ries has worked in Europe, Asia and the Middle East, starting his career with Kempinski before moving to Marriott, Four Seasons and Ritz Carlton.

In April, Nakheel reported a 36 percent rise in first-quarter net profit, boosted by delivery of long-delayed units to customers.

The state-owned property firm reported a profit of AED491m ($133.4m) in the quarter compared to a profit of AED362m in the corresponding period in 2012.

Revenue for the first quarter was AED2.2bn, up 62 percent from a year earlier.

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