Emaar Properties' Emaar Hospitality Group has opened the 270-room Rove Trade Center hotel in Dubai. The group's fourth hotel under the Rove brand is next to the Dubai World Trade Center, Arabian Business reported.
The new hotel joins Rove’s other Dubai properties: Rove Downtown, Rove City Center and Rove Healthcare City. Rove Hotels is being developed as a joint venture with Meraas Holding. The partners have planned to open 10 Rove hotels in Dubai by 2020. Emaar is currently developing six more Rove Hotels in Dubai, including Al Wasl, Port Saeed, Al Jafiliya, Oud Metha, Zabeel and Dubai Marina. These additions will bring the total number of rooms under the Rove chain to over 3,700 by 2020.
The opening of Emaar's latest hotel follows its strong Q1 report. Data showed that Emaar Properties' revenue increased by 15 percent to about $1.109 billion. Emaar Properties recorded a net profit of $377 million in the first quarter—an increase of 15 percent over the same period last year at $328 million. Recurring revenues from the group's malls, hospitality, entertainment and leisure businesses were $433 million in Q1 2017. These businesses contributed 39 percent of the total group revenue. Emaar’s hospitality, commercial leasing and entertainment businesses reported $206 million in revenue during Q1 2017—an increase of 5 percent over the same period last year at $197 million.
Emaar Hospitality launched two new hotels in Q1 2017: the lifestyle resort Address Boulevard and Rove Healthcare City. The Address branded hotels recorded an average occupancy of 92 percent during Q1 2017, higher than the industry average. Emaar is expanding its hospitality business with 26 upcoming projects in the UAE, Turkey, Egypt, Saudi Arabia and Bahrain.