Jumeirah Enters US with Essex House
NEW YORK, NY, March 14 2006. Jumeirah, the Dubai-based hotel and resort group, do not do things in small measures. Planning to quadruple its portfolio the next four years, the group has recently ventured into the U.S. market with the $500 million acquisition of New York's Essex House. Jumeirah replaces Starwood as the operator of the 605-room hotel, which was originally built in 1931, now the 75 year old property, on Central Park, has been renamed Jumeirah Essex House.
Having introduced some of most ambitious hotel concepts in the world, including Wild Wadi -- an innovative water park, Burj Al Arab -- the world's tallest all suite hotel and the Madinat Jumeirah, a hotel reflective Dubai's heritage, Jumeirah has an impressive -track record of innovation. But with plans to roll out 40 properties, the question remains as to whether the Arabian hospitality group will be able to replicate this creative flare in other global markets.
The group has already confirmed a $50 million renovation for Essex House, which will include a new restaurant. All 600 employees will undergo a training program to acquaint themselves with Jumeirah's brand of Arabian hospitality.
"North America is a very important market for future growth and we will continue to work with our partners in expanding in the continent," says Gerald Lawless, CEO of Jumeirah. We are looking at between four to five hotels in North America including a resort in the Carribbean. Our next expansion could come this year."
The group has recently undergone a successful rebranding campaign and new sales offices are planned in Paris, Riyadh and Moscow in the coming months. Jumeirah first expanded outside the Middle East into in 2001 when they it over the management of The Carlton Tower and The Lowndes Hotel in Knightsbridge. The Lowndes has now closed its doors to undergo a $14 million refurbishment programme.
Jumeirah is part of Dubai Holdings, which is the investment arm of the government and part of the partnership, which is controlled by the crown prince of Dubai, Sheik Mohammed bin Rashid al-Maktoum. He is intent on diversifying the state's assets, since the United Arab Emirate's oil reserves are running down. The emirate, one of seven city-states that make up the United Arab Emirates, has already turned itself into one of the fastest-growing tourist destinations in the world and now it is looking to expand in the U.S. and Europe. According to government officials, oil now accounts for only eight percent of the city-state's national income, while tourism accounts for 17 percent.
Over the past three years, Dubai has been investing in both the UK and US. In 2005, the crown prince bought Madame Tussaud's wax museum and an office building at 1 Trafalgar Square. Its sister emirate is also expanding. Abu Dhabi has just opened its first international tourist office in London, a second is expected for Frankfurt.
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