Indian realtor buys Dubai plot for new 5-star propertySeptember 4th, 2008 - 6:35 pm ICT by IANS
Dubai, Sep 4 (IANS) Indian real estate developer Sobha Group has acquired a plot of land on a major arterial road in Dubai to build the first of its planned five star hotels.The group has acquired the land on Sheikh Zayed Road to build the first hotel of its proposed Sobha Hotel chain, a company statement said.
“Sheikh Zayed Road is the landmark business address in Dubai, so what better place for us to mark our entry into the hotel development and operations arena?” said Ajay Rajendran, Sobha Group vice-chairman, in the statement.
“We are thrilled to have secured a prominent plot in (free trade zone owner and operator) TECOM which will afford our guests easy access to the business zones of Dubai Media and Internet Cities, as well as being in close proximity to the Mall of the Emirates and Ski Dubai,” he added.
While announcing plans for its new five star hotel chain at the Arabian Travel Mart here in May, the group had said that two hotels were being earmarked for Dubai, six for India and one each in Oman and Zanzibar.
“It is our intention to have four hotels operational by 2011, with another seven properties under construction,” Rajendran said.
The group, according to the statement, has plans to develop a portfolio of 2,500 rooms.
Rajendran said that the group’s experience in outfitting interiors of royal palaces would help them in their new venture.
“We have been outfitting palace interiors for a long time and know all about creating high-end interiors. Our hands-on experience in creating residential and commercial buildings, their planning and building maintenance has given us adequate exposure to the build and operate concept of project management,” he said.
Founded in 1995 by Gulf-returned non-resident Indian P.N.C. Menon, the Bangalore-headquartered Sobha Group is today a Rs.12 billion-plus company.
Its projects are spread across Karnataka, Kerala, Andhra Pradesh, Orissa, Tamil Nadu, Punjab, Haryana and Maharashtra.
Its international marketing office is based in Dubai.