Nakheel, the developer of Dragon Mart, today signed an agreement with Accor to manage a 250-room hotel attached to the mall.
The hotel is part of Nakheel’s Dh1 billion, 177,000 square metre expansion project, that will double the size of the existing complex.
A Nakheel spokesperson said the developer is aiming to open the hotel and the expanded mall this year, but declined to provide further details.
The hotel will be a ibis Styles brand, which is a part of the French hotel group’s budget offering.
The Dubai developer also plans to open eight other hotels spread across the emirate, including the Palm Jumeirah, Deira Islands, Ibn Battuta Mall and International City.
Dragon Mart’s expansion will nearly double the size of the complex to 335,000sqm.
Nakheel said that 90 per cent of the retail space has been taken and key tenants include Geant Hypermarket and Grand Cinemas.
The developer yesterday reported a 28 per cent jump in first-quarter profit to Dh629 million on sales of Dh1.37 billion as it handed over homes in the Palm Jumeirah, Al Furjan and International City.
“We continue to deliver ahead of our business plan,” said the chairman, Ali Rashid Lootah. “In addition, we are well on course to further reduce our bank debt during 2014, having already paid off a substantial amount of Dh2.35bn a year and a half before it was due.”
siyer@thenational.ae
