Monday, October 23, 2017 2:57 AM

Home / Nakheel and Centara sign joint venture for Dh500 million

Nakheel and Centara sign joint venture for Dh500 million


UAE master developer Nakheel and leading Thai hotel group Centara Hotels and Resorts today signed a joined venture agreement to create a 550-room, Dh500 million beachfront resort with waterpark at Deira Islands in Dubai.

Under the agreement, cemented in Bangkok by Nakheel Chairman Ali Rashid Lootah and Centara Chairman Suthikiati Chirathivat, the two companies will deliver an upscale resort on a prime stretch of beach on Deira Islands – Nakheel’s new, 15.3 square kilometre, world-class tourism, leisure, retail and entertainment hub that will contribute significantly to the Government of Dubai’s tourism vision.

Nakheel’s joint venture with Centara is the latest development in the company’s aggressive expansion into Dubai’s hospitality sector and its second international joint venture for Deira Islands.

As the first Centara establishment in the UAE, the new resort will cover an area of 295,900 square feet. Features include a waterpark, dining facilities, business centre, kids’ club, spa and fitness centre. The resort is anticipated to have soft opening in 2019 and grand opening in 2020. 

Centara Hotels & Resorts is part of Central Group, one of Thailand’s most prominent family-owned conglomerate holding companies that is involved in merchandising, real estate, retailing, hospitality and restaurants.

Nakheel Chairman Ali Rashid Lootah said: “Our joint venture with Centara cements our commitment to partnering with successful, reputable international hotel brands to bring new tourism concepts to Dubai in line with the Government of Dubai’s tourism vision.”

Suthikiati Chirathivat, Chairman of Centara Hotels and Resorts remarked: “We are thrilled and proud to be partnering with Nakheel on this joint venture hotel investment that will see Centara Hotels & Resorts operate and manage a distinguished new resort in an exciting new destination.”

Nakheel currently has over 5,300 rooms across 16 hotels, resorts and serviced apartments in operation or under development, with the first two – at Dragon Mart and Ibn Battuta Mall – delivered in 2016.

 

 

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