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Abu Dhabi, UAEMonday 22 October 2018

Hard Rock Hotel headed to Dubai Marina

Abu Dhabi Financial Group has invested previously in property projects and hotels overseas, particularly in London.

Dubai’s second tallest tower is set to get a Hard Rock Hotel next summer.

The Hard Rock Hotel Dubai Marina will occupy the first 33 floors of Marina 101, which is still under construction.

Abu Dhabi Financial Group (ADFG), an alternative investment company, and Sheffield Holdings, the developer of Marina 101, said they would partner with Hard Rock International, which will manage the 281-room property.

The 101st floor of the skyscraper will feature a club lounge, restaurant and a Rock Shop merchandise store.

“We look forward to launching our hotel product to a region already familiar with and embracing of our cafe brand,” said Hamish Dodds, the chief executive of Hard Rock International.

ADFG has invested previously in property projects and hotels overseas, particularly in London. In May, the company, through its subsidiary Abu Dhabi Capital Management, said that it had invested in a business hotel in Montenegro’s capital of Podgorica. The hotel, which is set open towards the end of next year, is part of a mixed-use development comprising luxury apartments, offices and retail outlets.

Also yesterday, the Abu Dhabi-based investment firm opened an office in Podgorica to complement its focus on Eastern Europe.

“We are pleased to bring the Hard Rock Hotel Dubai to the Marina 101 development at a time where Dubai’s tourism sector is experiencing continued rapid growth,” said Jassim Alseddiqi, the chief executive of Abu Dhabi Financial Group.

According to Sheffield Holdings, the 426-metre Marina 101 will be the second-tallest tower in Dubai after Burj Khalifa and is due for completion in December. The top 20 floors of the tower will include some of the most expensive penthouses in Dubai, and 60 three-bedroom apartments on levels 80 to 94 were put on sale at Cityscape Global in September.

Hotels and hotel apartments in the emirate clocked about 5.8 million visitors in the first half of this year, up by 2.3 per cent year-on-year.

“Dubai is still a fast-growing market and has space for more five-star operators and brands,” said Rashid Aboobacker, a senior consultant at TRI Consulting. “Given the strong growth in supply experienced by the market, it is essential to offer differentiated products … and we believe that the entry of newer brands such as the Hard Rock Hotel will cater to this need for product differentiation.

He said that while the overall market was not yet saturated, strong supply growth in some segments could begin to weigh on room rates.

Dubai is among the most profitable hotel markets in the world, after Hong Kong and Paris, according to STR Global. But it is also getting crowded in the luxury segment. Of the emirate’s nearly 70,000 hotel rooms, more than half were in this category, said the information provider.

siyer@thenational.ae

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