Aldar's hotel portfolio revenues up 13% in H1 2014

GMT 12:51 2014 Friday ,12 September

Arab Today, arab today Aldar's hotel portfolio revenues up 13% in H1 2014

Aldar Properties PJSC
Abu Dhabi - WAM

Aldar Properties PJSC, Abu Dhabi's leading listed property development, investment and management company, yesterday announced that average occupancy rates within its hotel portfolio as at the end of June 2014 stood at 82% versus 78% in 2013. Revenues for the first six months of 2014 reached Dh283 million, an increase of 13.1% from the same period in 2013.
This strong performance reflects a substantial increase in leisure and corporate visitors to Abu Dhabi, particularly to Yas Island, Abu Dhabi's premier leisure and entertainment destination. In addition, F&B revenues across the portfolio, 35 units in total, were up 11.4% in the first six months of 2014 reaching Dh113.9 million from Dh102.2 million during the same period last year.
Key components to this growth were corporate meetings, incentives, conferences, and exhibitions (MICE), and leisure segments that made up 60% of rooms occupied. The top five feeder markets across the portfolio were guests from the GCC, India, Germany, UK and China.
Talal Al Dhiyebi, Executive Director of Asset Management at Aldar Properties, commented: " Aldar owns and operates one of the largest hospitality and leisure portfolios in Abu Dhabi, enhancing the Emirate's position as a leading entertainment and leisure destination. Our first-class facilities that meet the demands of a broad range of leisure visitors have driven year-on-year occupancy increases. We are also witnessing high demand from corporates with bulk bookings for conferences and events. Demand growth within the hotel market has coincided with strong tourism figures as a result of the growing attractions that are on offer throughout Abu Dhabi such as the award-winning Yas links golf course.
"All our hotels are located in unique areas across the Emirate. Yas Island for example has emerged as a unique, all-encompassing hospitality and entertainment destination. With easy access to the airport, Yas Links, Yas Waterworld and Ferrari World, the island is one of the many great attractions that have helped us grow in the sector. With the opening of the Yas Mall, Abu Dhabi's first super regional mall, in November 2014, Yas Island will continue its evolution towards becoming the region's leading leisure and entertainment destination," added Al Dhiyebi.
These results reaffirm the recent research published by Abu Dhabi's Destination Visitor Survey that reported that Abu Dhabi is experiencing a surge in leisure tourists, who last year comprised 71% of visitors, up from 40 % in 2011 when the last survey was conducted.
Aldar 's currently owns and manages nine hotels across the U.A.E., seven of which are located on Yas Island. This includes the iconic Yas Viceroy hotel built around the F1 Yas Marina Circuit, and six plaza hotels run by world renowned operators. The portfolio also includes the award winning 18-hole golf course, Yas Links, and Yas Beach. These attractions are contributing to Abu Dhabi's emergence in recent years as a world-renowned tourism and leisure destination.
Aldar will also be overseeing the opening of the 195-key Courtyard by Marriott in the WTC Abu Dhabi development towards the end of the year. This is part of an overall divisional growth which could potentially see the addition of 1,000 room keys and unique leisure developments in the portfolio in the next few years.


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