Jumeirah Group will open five hotels in Europe and Asia.

According to CEO Jose Silva, Dubai based Jumeirah Group plans to open an additional five hotels in Europe and Asia over the next 18 months.

In addition, Jumeirah’s new management agreements include hotels in Bali – in which Jumeirah is a 50 percent partner – and Guangzhou in China, both of which will open this year. A third hotel will be in the Chinese city of Hangzhou. The property is slated to open in the next 18 months.

Silva said that the firm’s hotels have an occupancy rate in the mid-70s. A decrease from a previous rate in the 80s.

He said, “The company is maintaining revenue via a mild rate increase. Dubai doesn’t have a recession market. It has a maturity market, where it’s still growing, a little short of four percent. But the supply is growing at 5 percent, so the challenge is too much supply instead of no growth.”

Source: Arabian Business

Fulya Altunyay/[email protected]estatecoulisse.com