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* Rotana Investing Dh1.8b in New Hotels

Group plans to float IPO on a UAE bourse by 2007 and is in talks with mideast investors

The Abu Dhabi based Rotana Group has announced the launch of 10 new hotels involving investments to the tune of Dh1.8 billion that are currently under various phases of development, said the group’s top official.

The new properties will add 2.500 rooms to the group’s existing portfolio of 17 hotels having 3.500 rooms.

Once completed in 2006, the 27 Rotana hotels will have a combined capacity of 6.000 rooms, raising its annual turnover to Dh 1 billion, from the current Dh 500 million.

The group now employs about 3000 employees. The new properties will add 4000 new employees to its payroll.

The group will also manage Rotana Villas which will host 130 luxurious suites and studios. This is being developed by the Al Jallaf Group and scheduled for opening next year.

(Source : Gulf News)