Hyatt Signs With wasl Asset Management Group for Development of Andaz Dubai The Palm

USA, Chicago, Illinois. May 14, 2019

Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with wasl Asset Management Group, one of the largest real estate development and management companies in Dubai, for the development of an Andaz branded hotel on the Palm Jumeirah. Occupying prime real estate on the world-famous man-made island, Andaz Dubai The Palm is slated to open in the last quarter of 2019, becoming the first Andaz branded hotel in Dubai and the second Andaz hotel in the United Arab Emirates, joining Andaz Capital Gate Abu Dhabi.

Created for the inquisitive-minded traveler, the hotel will offer an inspired local experience and stimulate guests' senses through the city's rich culture, heritage and attractions. The property will provide exclusive beachfront admission and easy access to several of Dubai's key landmarks including the Mall of the Emirates, Dubai Mall, Marina Mall, Jumeirah Beach and Dubai Marina.

HE Hesham Abdulla Al Qassim, CEO of wasl Asset Management Group, commented, "Andaz Dubai The Palm will provide a standout hospitality experience for guests amidst a location famous for luxury and exclusivity. Due for completion ahead of the EXPO 2020, this new venture with Hyatt will further enriches our portfolio and fosters the provision of exemplary hospitality experiences to Dubai's growing tourism market."

"Hyatt is committed to thoughtfully introducing brands to new places and providing meaningful experiences for each and every guest," said Ludwig Bouldoukian, Hyatt's Dubai-based regional vice president of development, Middle East and North Africa. "We're excited to introduce the Andaz brand to Dubai and believe that the globally renowned Palm Jumeirah provides the ideal setting to realize this vision. The vibrant luxury property will attract travelers looking to fully immerse themselves in Dubai and engage them through unique programming."

The hotel will feature twin 15-story towers inclusive of 217 guestrooms and 116 serviced apartments, each capturing a bespoke design influenced by the colors of Arabia. To add to the area's thriving culinary scene, the hotel will offer four vibrant restaurants as well as a fitness center, spa and meeting facilities.

A second property is also under development at urban beachside destination La Mer. Previously announced as Andaz La Mer Dubai, Hyatt Centric La Mer Dubai will mark the first property under the Hyatt Centric brand in the UAE. A full-service lifestyle brand positioned in prime destinations, Hyatt Centric hotels are thoughtfully designed as a launch-pad for exploration and discovery, a perfect fit for socially connected guests who want to live in the now. Hyatt Centric La Mer Dubai is set to open in 2020.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.