Azizi Developments is eying opportunities in the hospitality market to expand on its current portfolio of hotel apartments it has already developed in Dubai, according to CEO Farhad Azizi.
In an interview with Arabian Business, Azizi said the company is keen to do something in the hospitality sector “in the future.”
“We’ll be looking in different areas, to build something from scratch or buy an existing property and turn it around, or keep the same operator,” he said. “There’s a team on it, doing all their homework.”
Azizi Developments has developed a number of hotel apartments in Dubai, including Royal Bay by Azizi on the Palm Jumeirah, Azizi Mina and Roy Mediterranean in Jebel Ali, all of which have since been sold.
“We developed hotel apartments here in Dubai. With these hotel apartments, the concept was that we were not there to operate them. They were sold, just like other operators do that, like Damac,” Azizi added.
“We’re actually part of this industry and getting operators on board. Designing the property according to hotel [specifications] is so different than residential.”
Azizi said that the company was looking at opportunities in the hospitality market both domestically in the UAE and abroad.
Despite examining the market, Azizi said there is “nothing specific in our grasp.”
“We really do want to get deep into it,” he added, “but to do that, first we want to do the research required. There are a lot of things in hospitality under research at the moment.”For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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