By Andy Sambidge
Dubai master developer says 250-room hotel will be operated under Accor's ibis brand
Dubai-based master developer Nakheel has signed a management agreement with Accor for its 250-room hotel at Dragon Mart
The hotel, one of nine planned by Nakheel over the next five years, will be managed by Accor under the ibis Styles brand.
Construction on the project is now substantially complete, Nakheel said in a statement.
The hotel is part of Nakheel's AED1 billion ($272 million), 177,000 square metre Dragon Mart expansion project, which also includes a second mall and a multi-storey car park.
Dragon Mart is a retail complex consisting of retail outlets, a hypermarket, cinema, children's amusement area, gym and food and beverage venues, and is open for traders in the wholesale and retail business.
The completion of Phase 2 will bring the total size of the Dragon Mart complex to 335,000 sq m
Nakheel's other hotels will be located on Palm Jumeirah, Deira Islands, Ibn Battuta Mall and International City.
On Wednesday, Nakheel reported a 28 percent increase in first-quarter net profit.
The government-owned company made a net profit of AED629 million ($171.3 million) in the first three months of the year, up from AED491 million in the corresponding period of 2013, it said in a statement.
Nakheel's first-quarter revenue was AED1.37 billion. It did not provide a year-earlier figure.
* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.