Damac to open two new hotels in Dubai's Business Bay

Dubai property developer Damac plans on opening two new hotels in Business Bay as it aims to complete 10,000 serviced apartments by 2018.

Damac, which sells the apartments off-plan to investors and then rents most of them out through its rental pool, is on the verge of opening the 18-story Capital Bay and nearby Cour Jardin serviced apartment blocks as it attempts to become the Middle East’s largest serviced hotel provider over the next four years.

The company opened its first block of 355 serviced apartments on Dubai Mall Street on New Year’s Eve last year. Since then it also opened the 17-story Naia Downtown Jebel Ali block in Dubai and another 211 hotel suites in its Canal Views block, also in Business Bay.

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The hotel will implement a new, branded mobile app that delivers control to guests and GEMS, a back-office tool that streamlines operations.

The U.S. is now the only region that has yet to turn a positive month of profit since the COVID-19 pandemic took hold.

While occupancy largely was flat week over week during the seven-day period ending Sept. 19, rate and revenue both declined.