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Omniyat to relaunch two Dubai hotel developments

Profile Photo By: H L
October 9, 2013

Omniyat to relaunch two Dubai hotel developments

Turning The Pad residential project into a hotel apartment will increase it's value by 30-40 percent says developer Omniyat.The company was forced to put the breaks on AED8bn ($2.18bn) of projects during the Dubai?s property crash as it switched focus to delivering projects rather than launching new ones.

The company said it was working with regulators and original investors on the future of the stalled projects, but it is not clear how many plan to continue with the project.

The company was now shifting away from residential-only developments to more diverse and, it believes, lucrative hotel-residential projects.

In an interview with?Arabian Business,?Omniyat executive chairman and CEO Mahdi Amjad confirmed it will announce three major ventures at the three-day Citiscape Global on October 8-10.

Giving details of two projects, Amjad said The Opus will be a revamp of the mega-development it launched in 2008 in Business Bay.

Previously a 23-storey retail and commercial tower that was slated to be finished in 2010, the project will now also comprise a five-star, mixed-use hotel and apartment development.

Amjad said the new Opus development is again designed by world-renowned Iraqi-British architect, Dame Zaha Hadid, but will now be the first hotel and apartment project to her name.

To come under the ME hotel brand, which is owned by Spain?s Melia hotels group, ME Dubai will follow other ME hotel launches in London and, soon, Paris and Austria.

Construction is underway and is expected to be finished by mid-2015 with the hotel opened by mid-2016, Amjad said.

The second project, The Pad, is also a reincarnation of the company?s 2007 development of the same name, comprising a 231-apartment, 24-storey tower in Business Bay.

Click here to read more.

Source Hotelier Middle East, http://www.hoteliermiddleeast.com/18420-omniyat-to-relaunch-two-dubai-hotel-developments/#.UlTZ_2T4jCo

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