This article is from the Australian Property Journal archive
OAKS Hotels & Resorts has debut in Dubai by securing a contract to lease a mixed use luxury hotel apartment complex.
Oaks will lease the hotel section of a 41 level property (Liwa Heights) located in the Jumeirah Lake Towers Development, from Maysan Real Estate Investment Company, a subsidiary of Al Nasser Holdings Group.
Oaks’ chief executive Brett Pointon, said the company’s initial foothold in Dubai opens a window of opportunity for further significant offshore expansion by Oaks, which currently manages 32 properties throughout Australia and New Zealand.
“Dubai is undoubtedly one of the world’s most buoyant hospitality markets, with total revenue from local hotels and hotel apartments climbing 23% to approximately $3.7 billion in 2006,” he added.
The hotel section of Liwa Heights has 23 floors comprising ground floor reception, an amenity floor and 21 floors of one and two bedroom apartments. There will be 168 apartments in all. There are also restaurant, leisure facilities and retail areas in the lower part of the building. The remaining 17 floors of Liwa Heights will also be under Oaks’ management and comprise office suites, which have been sold by Maysan, to third party users.
The lease agreement is for an initial period of five years with option to extend for further five year period.
Jumeirah Lake Towers is a dynamic waterfront community, encompassing 79 towers.
Australian Property Journal
