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Two New Five star Hotels for Dubai by Sobha Group.
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Sobha Group - the Dubai based property developer owned by Indian born Omani national Mr. P N C Menon announced that it would expand its business into the hospitality sector with an initial investment of USD 1 billion, to build a chain of hotels contributing 2,000 rooms in the first phase. The initial plans are to develop at least 10 five-star properties, of which six are of high priority, with two hotels to serve Dubai, India to get six and one each in Oman and Zanzibar. The first hotel is expected to open in 2010 and the standards would be in parity with the best resort properties and luxury hotels currently serving in the region.
Although the group is new in the hotel industry, it has an excellent track record in property development and they are planning effective strategies to blend these skills with current standards of the hospitality industry.
Shaikh Zayed Road will see Sobha's first 5 star property flagship hotel and corporate office, estimating an investment of 220 million USD. The group sincerely welcomes the newly introduced rules that promote more investments in the region's property sector.
By the end of this year, Sobha Group plans to divulge new projects in Dubai which includes a range of residential and commercial properties in premium locations worth Dh5.5 billion. The group already has a Dh 3.5 million on going project in Dubai.
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