First Investor buys Carlton Downtown in Dubai
Dubai-based The First Investor group has boosted its hotel portfolio with the purchase of the Carlton Downtown hotel on Sheikh Zayed Road in Dubai.
Formerly the Warwick Hotel, it is the third hotel to be operated by Carlton Hotel Management – a brand owned by The First Investor, and the ninth in the group’s collection of hotels.
The strategic investment expands the group’s footprint in the hospitality sector, as well as the region, according to Mr Hosni Abdelhadi, CEO of Carlton Hotel Management.
He said: “The Carlton Downtown hotel is an exciting addition to our portfolio of hotels as we continue to expand our presence in the region. Our strategy is to invest in high-growth markets such as Dubai and this fantastic acquisition will reinforce our market position.
“We are confident that the Carlton Downtown hotel will prove to be a valuable asset for us and will generate superb financial returns for the company.”
Located in close proximity to the World Trade Center, DIFC and Downtown Dubai, the 47-storey tower property features 357 rooms made up of 275 suites and 82 spacious rooms. The hotel’s facilities include seven restaurants and bars, 10 meeting rooms, a health club and spa. Carlton Downtown hotel is also home to Dubai’s highest open-air rooftop pool and bar with spectacular 360º views over the city.
With a strong presence in real estate, hospitality, shipping, finance, retail, security, IT, food and beverage industries, The First Investor has a diverse portfolio. Over the last few years the company has emerged as a major player in the hospitality sector with a total investment of over AED 2.2 billion in various hotel projects. Hotels it owns include Carlton Downtown – Dubai, Carlton Palace Hotel – Dubai, Carlton Tower Hotel – Dubai, Marriott Executive Apartments – Dubai, Villa Rotana – Dubai, Four Points by Sheraton – Dubai, Imperial Palace – Jordan, Sun Hotel – Czech Republic and Belvedere Hotel, Czech Republic.