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Dubai: Al Habtoor Group has acquired the Hilton London Wembley hotel as it expands its hospitality portfolio, it said in a statement on Monday.
The Dubai-based group did not, however, disclose the value of the acquisition.
The property joins five other hotels in the group’s international property portfolio. The group has two Hilton-branded hotels in Lebanon, one in the United States (President Abraham Lincoln Springfield – a DoubleTree by Hilton Hotel) and two five-star hotels in Hungary.
In December 2015, Al Habtoor Group said it had allocated Dh2 billion for overseas investments this year.
“The hotel is in an ideal location. It is close to the iconic Wembley Stadium, Heathrow Airport and the centre of London,” stated Khalaf Ahmad Al Habtoor, chairman of Al Habtoor Group.
First opened in 2012, the Hilton London Wembley features 361 rooms and suites, a variety of restaurants, a 693 square metre ballroom that can seat up to 700 people and 10 meeting rooms.
Chiheb Ben Mahmoud, executive vice-president — head of hotels and hospitality group for the Middle East and Africa at real estate consultancy JLL, told Gulf News that investors from the Middle East will continue to to invest in hotel assets in international markets, but the focus will be on less iconic properties “because they are relatively less risky to manage”.
He expects the value of hotel transactions globally to reach $70 billion (Dh256.9 billion) in 2016, down from $85 billion anticipated for 2015 “because there will be less big-ticket deals”.
“Large hotel portfolio transactions don’t happen every year, plus the relative slowdown in China’s economy could have an impact,” he said.
The group’s Dubai assets include the Habtoor Grand Beach Resort & Spa, Autograph Collection and the Waldorf Astoria Dubai Palm Jumeirah.
It recently opened the St Regis Dubai in the Al Habtoor City complex. Two more hotels within the multi-use development will open in the coming months, including the W Dubai – Al Habtoor City and The Westin Dubai, Al Habtoor City.
The group is also developing the Al Habtoor Polo Resort & Club in Dubailand, which will include a St Regis property.
It is currently developing a new Metropolitan hotel on Shaikh Zayed Road.
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Source: Staff Report, gulfnews.com