During the Arabian Travel Market 2019, DAMAC Hotels and Resorts formalised an agreement with Rotana Hotel Management Corporation for the first of several DAMAC developments to fall under the Arjaan Hotel Apartments by Rotana brand, beginning with DAMAC Towers, Riyadh.
Due to welcome guests as DAMAC Towers Arjaan by Rotana, the property will offer the same personalised services that have made Rotana a key brand for regional travellers.
Senior vice president for hospitality, DAMAC, Jean Faivre remarked: “Rotana understands our guests’ needs, and that is imperative to us. Multigenerational travellers, an important and rapidly growing segment in the tourism industry, require serviced apartments that offer homely experiences accentuated by world-class service. This is a trend that investors looking for a lucrative turnkey opportunity need to consider, and we are happy to show them how our properties meet guest needs and secure above average occupancy rates.”
Of the more than 1,700 hotel residence units to be launched by DAMAC Hotels and Resorts this year, 827 units will be delivered at Paramount Hotels and Resorts in Dubai, 481 units at Radisson Dubai DAMAC Hills and 454 units at DAMAC Exclusiva in Riyadh. These will boost the total number of serviced units under DAMAC Hotels & Resorts to 4,424.
Also during the show, as well as promoting its already operating properties, DAMAC Hotels and Resorts shed light on the growing popularity of its hotel residences with rental pool offerings.
During the exhibition, Faivre pin-pointed traveller trends that are influencing the rise in demand for serviced residences, while also highlighting investor benefits, including higher returns on the back of lower operating costs and longer average length of stay.
“Rental pool programmes, embraced in major global business hubs due to their efficient use of hospitality spaces, are a notable trend in the GCC,” he explained. “Backed by a mature tourism industry, a well-structured rental pool leverages the economy of scale and taps into the expertise of different people and sectors, including investors, hoteliers and us, the developer. While the concept has been around for a while, for novice investors, the complexity of the rental pool structure can be confusing. That is why we are here at this year’s event; to discuss how our properties offer improved yields and a steady income compared with other asset classes while mitigating seasonal risks.”