M&C Plans to Run 100 Hotels in Middle East by 2013
Millennium Hotel in Sharjah. This year the group will open Millennium Marina in Oman. (EB FILE)
An annual return of around 10 to 14 per cent in the hotel sector is a positive and an acceptable one, said a top international executive of the hospitality industry.
In an interview with Emirates Business, Ali Hamad Lakhraim, President and CEO of Millennium & Copthorne Middle East Holdings, said hotel prices in Abu Dhabi could see further drop because of the competition expected among the UAE‘s big hotels. Speaking about the future plans of M&C, he said the group plans to run 100 hotels in the Middle East by 2013, including 50 by the end of the year. Most projects will be in the UAE because of its atmosphere that attracts investment, he said.