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Article: Kingdom Hotel Investments acquires newly constructed apartment building in Bur Dubai.(upgrading the facilities to match 5-star serviced apartments standards)
- Article from:
- Middle East
- Article date:
- September 17, 2006
CopyrightCOPYRIGHT 2006 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Kingdom Hotel Investments ("KHI"), the leading hotel and resort investment company, chaired by Prince Alwaleed Bin Talal, announces that it has acquired the neighbouring property to its Mövenpick Bur Dubai hotel for US$24.9 million. KHI plans to spend US$4.4 million on furnishing, finishing and upgrading the facilities to match 5-star serviced apartments standards. The property will be named Mövenpick Bur Dubai Residences and will provide additional capacity to this successful hotel through fully serviced apartments and facilities.
The Mövenpick Bur Dubai Residences, will provide 63 hotel apartments (with an average apartment size of 110m2), a ...