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Article: Kingdom Hotel Investments acquires newly constructed apartment building in Bur Dubai.
- Article from:
- Middle East and North Africa Business Report
- Article date:
- September 18, 2006
CopyrightCOPYRIGHT 2006 Middle East and North Africa Business Report. 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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Sep. 18--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 MA[paragraph]venpick 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 MA[paragraph]venpick Bur Dubai Residences and will provide additional capacity to this successful hotel through fully serviced apartments and facilities.
The MA[paragraph]venpick Bur Dubai Residences, will provide 63 hotel apartments (with an average ...