TI’ME FOR CAPITAL EXPANSION
New Abu Dhabi property marks first foray into UAE capital with launch of 72-unit hotel residence and second residence in development; latest opening boosts group portfolio to eight properties
UAE-headquartered hospitality company, TI’ME Hotels Management, has added another location to its expanding portfolio of regional properties with the recent opening of the TI’ME Pearl Residence in Abu Dhabi.
The centrally located 72-unit residence, which is situated just five minutes’ walk from the city’s popular Corniche promenade and close to downtown Abu Dhabi’s commercial hub on Khalifa bin Zayed Street, offers modern well-equipped two-bedroom apartments, ideally suited for long-stay guests.
Apartment facilities include a fitted kitchen with refrigerator, washer and full complement of modern amenities as well as high-speed Internet access and tasteful contemporary décor. Guests also have access to a fully equipped fitness centre.
“Demand for modern and competitively priced accommodation in Abu Dhabi continues to grow and with TCA Abu Dhabi noting an increasing trend towards longer stays - with an average of 3.16 nights - this puts TI’ME Pearl Residence in prime position to capitalise on sector growth with a new modern product in the heart of Abu Dhabi city,” said Mohamed Awadalla, CEO, TI’ME Hotels.
More than 120,000 GCC hotel guests checked into the capital’s hotels and hotel apartments in the first eight months of this year, according to TCA Abu Dhabi statistics, representing a 17% increase on 2012 figures.
“The TI’ME Pearl Residence addresses the issue of any potential gap in our product portfolio by offering competitive longer term rates in Abu Dhabi,” added Awadallah.
Guest nights also rose by 19% over the same period year-on-year to 262,290, with a length of stay slightly higher than the emirate average at 4.4 nights.
“Abu Dhabi aims to attract 2.5 million guests by the end of this year and TI’ME’s popularity with GCC travellers at our other UAE properties continues to underpin our strategy as we roll out net properties across the region,” said Awadalla.
Saudi Arabia is Abu Dhabi’s largest GCC inbound market, realising 133,634 hotel nights in the first eight months of 2013, followed by Oman (48,789), Qatar (41,767) and Kuwait (38,100).
The property will also be marketed to international visitors especially those working on mid to longer term projects, who enjoy a level of independence but with the service and comfort that operators with hotel apartment expertise can offer.
A second Abu Dhabi property is also under construction with the TI’ME Deluxe Hotel Corniche Apartments scheduled to open in 2015. The 42-storey property will feature 262 studio and one-bedroom apartments with facilities including a health club with swimming pool, all-day dining restaurant, retail space and basement car park.
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About TIME Hotels Management:
TIME Hotels Management is well-capitalised with significant management expertise and has ambitions to evolve into one of the leading hospitality businesses in the UAE.
TIME Hotels Management are owned by the public shareholding company Gulf General Investment Company (GGICO) and Investment Group Private Ltd (IGPL).
TIME currently manage the following properties:
- TIME Oak Hotel & Suites in Al Barsha, Dubai
- TIME Grand Plaza Hotel in Al Qusais, Dubai
- TIME Opal Hotel Apartments, Dubai
- TIME Crystal Hotel Apartments, Dubai
- TIME Topaz Hotel Apartments, Dubai
- TIME Ruby Hotel Apartments, Sharjah
The properties comprise a total of 745 rooms, and employ over 400 staff.