Meera TIME
Residence joins duo of successful branded residences as demand for
apartment-style accommodation in UAE capital continues to grow; latest opening
to capitalise on prime seafacing location and central location on popular
corniche
UAE-headquartered hospitality company, TIME
Hotels Management, has added a third TIME Residence to its expanding Abu Dhabi portfolio of serviced
accommodation options with the opening of the Meera TIME Residence.
The new 312-unit Residence occupies a
prime Gulf-facing position along the popular Abu Dhabi Corniche, with a choice of 39 studios, 195 one-bedroom
and 78 two-bedroom apartments.
TIME Hotels’ already operates two branded
Residences in the UAE capital, the Zakher TIME Residence and TIME Pearl
Residence, both of which target long stay business travellers and families
looking for flexible, quality-led accommodation in the urban heart of the city.
“The success of our two
existing locations reflects the growing appeal of residence and hotel apartment
alternatives to a traditional hotel environment, and the potential for further
development of this operational model under the TIME umbrella, as the emirate
aims for 3.5 million visitors in 2015,”
said Mohamed Awadalla, CEO, TIME Hotels.
Awadalla noted that the Pearl
TIME Residence recorded positive occupancy levels of up to 85% in 2014, and the
recently opened Zakher TIME Residence is also performing well.
According to January to November 2014
statistics released by the Abu Dhabi Tourism & Culture Authority (TCA-Abu
Dhabi), hotel apartments in the emirate registered a 3% year-on-year increase
in guests, rising to a total of 349,928 guests, and a 12% increase in room
nights to 2,281,906.
There was also an 8% increase in the
average length of stay to 6.52 nights, up from 6.03 and 4% growth in occupany,
which hit an impressive 83% (up from 80%), plus a 9% increase in revenue to AED
603 million.
UAE nationals remain the number one
source market for the emirate’s hospitality sector, followed by India , the UK ,
Germany and the USA . Since
2013, hoever, the Chinese market has seen significant growth, with Chinese
visitor numbers up by 169%, putting them in eighth positon in the emirate’s top
10 of hotel guest geographical origin.
Similarly targeting long-stay guests and
family groups, the Meera TIME Residence units include a fully fitted kitchen
with fridge and dishwasher plus 24-hour security, housekeeping services,
in-room safes, guest relations support, LED televisions, designated parking and
a modern state-of-the-art fitness centre with swimming pool, gym and
steam/sauna facilities.
“We
are extremely bullish about the prospects for the Meera TIME Residence,
especially given its high profile central seafacing location overlooking the excitement
of the Abu Dhabi corniche with its various leisure options, which include cycle
paths and green spaces, and close proximity to the city’s major commercial
areas and entertainment destinations,” said Awadalla.
A fourth property, the
264-unit Jouharaaa TIME Residence, is scheduled to open in Abu Dhabi in early 2016,” he added.