Sales director Ben Neuendorf told AME Info that with 1,050 beds, the hotel would be one of the largest so far in the emirate.
The investment and equity capitalization will be 143 million euros; and no partial outside financing is expected. The distribution of dividends, which will stretch until the end of 2017, is forecast at 9% to 12.3% per annum.
Equity investments will start from 10,000 euros. Construction work is to commence early next year with the completion scheduled for mid-2007. In the next few weeks the Dubai 1000 Hotel fund is going to purchase a suitable plot for the building.
A memorandum of understanding for the operation of the Park Inn Dubai hotel has been signed with Rezidor SAS.
Drees & Sommer, already well represented in the Gulf, will be appointed project manager. Architects are SIAT of Munich, a former subsidiary of Siemens, in conjunction with Dewan Architects/Engineers of Dubai.
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Germans to build one of the largest hotels in Dubai
- United Arab Emirates: Wednesday, July 13 - 2005 at 09:08
Dubai 1000 Verwaltung, a company founded in May this year in Hamm, Westphalia, has set up the closed-end 'Dubai 1000 Hotel Fund' for investing in a four-star hotel project in Dubai.
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Wolfram BielensteinWednesday, July 13 - 2005 at 09:08 UAE local time (GMT+4)
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