In its first hotel project announcement since the 2009 property crash in Dubai, Emaar Properties has announced plans to develop its sixth Address brand hotel in Downtown Dubai.
When complete in 2015, The Address The BLVD will include 200 guestrooms covering the first 15 floors with 542 serviced apartments occupying the remaining floors of the 63-story building. Emaar would not comment on the cost of the project, only saying it would be mainly financed through pre-sales of the apartments.
“We won’t need help from banks or the bonds market. The financing is very secure,” Arif Amiri, chief executive officer of Emaar Retail told Gulf Business News. “I truly believe that the real estate market in Dubai is on the path of robust growth.
Amiri commented Emaar’s sales for the first half of 2012 were five times more than the same period last year.
The location of The Address The BLVD will offer views of the Burj Khalifa and its fountains and will have its own direct access to Dubai Mall.