Hilton Worldwide has inked a management agreement with Dubai-based Ward Holdings to open a Waldorf Astoria hotel in the Dubai International Financial Centre (DIFC).
The Waldorf Astoria DIFC, located on Al Saada Street, is expected to begin welcoming guests in autumn next year.
The hotel will join Waldorf Astoria’s portfolio of 25 properties in destinations like Amsterdam, Beijing and New York.
Commenting on the upcoming property, Carlos Khneisser, vice president of development, Middle East and North Africa for Hilton Worldwide, said: “I have long admired the role DIFC plays in the world of international investment.”
“As an iconic luxury brand originating from New York, another centre of global finance, I am delighted that we will welcome Waldorf Astoria to this international hub.”
Forming part of a mixed-use residential, retail and office-space development, Waldorf Astoria DIFC will feature 247 guest rooms, as well as dining, spa and wellness facilities.
Hilton Worldwide is currently expanding its portfolio of both luxury and mid-market properties within its portfolio of brands, the hospitality group said in a statement. Notable milestones last year included the opening of three Hilton Garden Inn hotels in Dubai, and the signing of an agreement for the first Hampton by Hilton in the Middle East – both in the mid-market segment.
Industry experts have noted the growing potential of budget or mid-market hotel developments in the GCC and wider Middle East, particularly given the upcoming mega-events in the region.
Mark Shea, head of hospitality for the Middle East at Faithful+Gould, says there is more room in the region for more affordable hotel options.
“In the past, hotel developers looked at five-star luxury hotel developments due to their high revenues per unit, which is in contrast to the emergent trend for three- and four-star properties that have proven to have comparable profit percentages.”
