YOTEL, an affiliate company of Kuwait-listed IFA Hotels & Resorts, has signed a long-term agreement with Dubai Investment Properties to operate a new hotel in Dubai.
This marks the hospitality brand's first property in the Middle East. The hotel is part of a major new development located on Sheikh Zayed Road, next to the upcoming Dubai Water Canal Project and at the gateway of Business Bay.
When complete in early 2018, the 42-storey property designed by Arkiteknik International will boast 438 'cabins', furnished with the brand's signature Techno Walls and Smart Beds.
The property will also feature 127 serviced apartments, also managed by YOTEL, marking the brand's debut in the fast-expanding serviced residence space.
This agreement represents the first phase of YOTEL's aggressive expansion into the Middle East. The company is currently in advanced negotiations on potential hotel projects in other key destinations in the region, including Riyadh, Jeddah, Istanbul and Abu Dhabi.
Talal Al Bahar, chairman and group CEO of IFA HR, said: "The brand has increasingly global potential in its ability to deliver attractive returns to investors and an exceptional guest experience at an affordable price. The concept and product are ideal for Dubai, a market where IFA HR has been active for over a decade."
"We are delighted to announce our first project in the UAE with DIP," added said Hubert Viriot, CEO of YOTEL. "Dubai has a thriving hospitality market but lacks good quality, affordable luxury hotels.
"YOTEL Business Bay will put an end to this oddity and be a true flagship for our brand in the Middle East, a region with huge untapped potential."
Source: Arabian Business