Thailand’s Centara Group signs JV with Nakheel to invest $136m in Dubai

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Image from Nakheel's website.

Thailand based hotel group Centara Hotels and Resorts has signed a JV with UAE master developer Nakheel to build a $136-million beachfront resort in Dubai.

According to TradeArabia News Service, this is Nakheel’s second international joint venture on Deira Islands after it announced the joint venture with Spain’s RIU Hotels & Resorts in February last year to set up a waterpark resort with the investment of Dh900 million ($245 million).

“Today’s signing is a key milestone in hospitality expansion – and the beginning of a long-term strategic partnership between Nakheel and one of Thailand’s biggest, most popular hotel operators. We look forward to seeing this exciting project come to fruition by delivering a new and unique offering at Deira Islands,” said Nakheel’s chairman Ali Rashid Lootah.

Without disclosing the shareholders’ structure, the company said that  they will develop the project on the land of 15.3 square kilometres to make it a new world-class tourism spot on Deira Islands. The project will comprise a 550-room resort and waterpark, which will be located within easy reach of Nakheel’s Deira Mall and Deira Islands Night Souk, which will have 6,400 shops, restaurants and cafes between them.

“This partnership is a ground-breaking move for Centara as we continue to extend our upscale resort portfolio internationally. This is Centara’s first hotel in Dubai, and the UAE, and represents our arrival in a key gateway city in the Middle East,” said Centara’s chairman Suthikiati Chirathivat.

The resort is reported to have soft opening in 2019 and grand opening in 2020.

Nakheel currently has over 5,300 rooms across 16 hotels, resorts and serviced apartments in operation or under development, with the first two – at Dragon Mart and Ibn Battuta Mall – delivered in 2016.

Meanwhile, Centara Hotels & Resorts is a hotel property arm of Central Group, one of Thailand’s most prominent family-owned conglomerate holding companies.

Centara’s portfolio currently includes around 14,000 room keys across 67 hotels and resorts under six distinctive brands in Asia, Indian Ocean, and the Middle East.

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