Dubai-based Atlantis Hotels is planning to expand its global footprint by building up to four additional hotels, according to a report by Bloomberg, which cited Atlantis Hotel’s Managing Director Timothy Kelly.
The company is eyeing opportunities in Southeast Asia, the Middle East, and North America as it looks “to cash in on the rebound in leisure travel, which has so far proved resistant to concerns over inflation and a darkening economic outlook,” the report said.
Atlantis Hotels, which is owned by Dubai’s sovereign wealth fund, currently operates two large properties in the emirate and one in Hainan, China.
Its hotels include the $1.5 billion Atlantis The Royal – recently opened in February – where the top suite can go for $100,000 a night.
Despite these prices, demand for rooms in the new hotel is strong, with the occupancy rate currently at around 80 percent and the average daily rate at $1,200.
Dubai’s Atlantis eyes coastal property in Florida
Kelly said Atlantis typically invests in cities along with partners to reduce the risk for projects that can cost about $2 billion to build and take up to five years to construct and establish. Florida sits at the top of the list of cities where the hotel chain would like to build a coastal property.
“We don’t want to go out and finance billions of dollars and build,” Kelly said. Still, “we definitely want to have a portion of the ownership because we want to have a say, and we want to be engaged in its success, and we want to manage it.”
The announcement comes amid a sustained rebound in leisure travel that has boosted prices for everything from plane tickets to hotels and rental cars, the report said, adding that results from companies such as Booking Holdings and Expedia Group to Royal Caribbean Cruises and TUI AG point to consumers’ willingness to continue spending on services and experiences even if they’re paring back on physical goods.
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