4th Feb 2016 15:45
LONDON (Alliance News) - Action Hotels PLC on Thursday said it has acquired freehold land in Dubai Media City from a subsidiary of TECOM Group.
The move will result in Action's second hotel development in Dubai.
Action Hotels bought the 5,553.5 square metre plot of land for USD10.07 million, and has plans for either a three or four star hotel to be completed in 2018.
"This sought-after location is generating significant operator interest and as always we will be working with our partner hotels brands to secure the best terms," Sheikh Mubarak A M Al-Sabah, founder and chairman, said.
Shares in Action Hotels were up 3.2% at 46.95 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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