Yotel an affiliate company of Kuwait-listed IFA Hotels & Resorts KSCC, has signed a long-term agreement with Dubai Investment Properties to operate a new hotel in Dubai, marking the brand's first property in the Middle East. The hotel is scheduled to open in 2018 with 438 rooms.
The hotel is part of a new development located on Sheikh Zayed Road, adjacent to the upcoming Dubai Water Canal Project and at the gateway of the Business Bay business district.
The 42-story property is being designed by Arkiteknik International. It will also feature 127 serviced apartments, also managed by Yotel, marking the brand's debut in the serviced residence space.
"Yotel is a strategic company for our group," said Talal Al Bahar, chairman and group CEO of IFA HR. "The brand has increasingly global potential in its ability to deliver attractive returns to investors and an exceptional guest experience at an affordable price. The concept and product are ideal for Dubai, a market where IFA HR has been active for over a decade."
'We are delighted to announce our first project in the UAE with DIP' said Hubert Viriot, CEO of Yotel. "Dubai has a thriving hospitality market but lacks good quality, affordable luxury hotels. YOTEL Business Bay will put an end to this oddity and be a true flagship for our brand in the Middle East, a region with huge untapped potential. This project is also our debut into the serviced apartment segment, a natural extension to our brand DNA – smart spaces delivering outstanding value."
The Dubai Tourism Vision 2020, approved by Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, aims to attract 20 million visitors by 2020 when Dubai will host the World Expo.
Yotel is currently in advanced negotiations on potential hotel projects in other destinations in the region, including Riyadh, Jeddah, Istanbul and Abu Dhabi.