DAMAC Hotels and Resorts on Wednesday revealed the growing popularity of its hotel residences with rental pool offerings, citing attractive returns and hassle-free ownership, the hospitality arm of DAMAC Properties said in a statement.
Traveller trends are behind the rise in demand for serviced residences, Jean Faivre, senior vice president for Hospitality at DAMAC, said on the sidelines of the Arabian Travel Market 2019.
Faivre discussed investor benefits, including higher returns on the back of lower operating costs and the longest average length of stay, the statement highlighted.
“Rental pool programmes, embraced in major global business hubs due to their efficient use of hospitality spaces, are a notable trend in the GCC. Backed by 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,” Faivre commented.
During the four-day event, DAMAC Hotels and Resorts signed a partnership agreement with Rotana Hotel Management Corporation, under which DAMAC Towers Arjaan by Rotana, Riyadh, will be operated under the Arjaan Hotel Apartments by Rotana brand.
In 2019, up to 1,700 hotel residence units are set to be delivered by DAMAC Hotels and Resorts, which will bring the total number of serviced units under DAMAC Hotels & Resorts to 4,424.
Around 827 units will be delivered at Paramount Hotels and Resorts in Dubai, 481 units at Radisson Dubai DAMAC Hills, and 454 units at DAMAC Exclusive in Riyadh.
The 26th edition of the Arabian Travel Market (ATM 2019) kicked off in Dubai on Sunday, 28 April.