Hospitality
Time adds second branded residence with new Abu Dhabi location
UAE-headquartered hospitality company, TIME Hotels Management, has opened the doors to a second TIME Residence-branded property as part of its regional expansion programme.
TIME Zakher Residence opens for business in response to demand for apartment-style accommodation in UAE capital; future pipeline includes two further hotel apartment properties as business model meets needs of short-stay leisure travelers and long-term corporate guests
UAE-headquartered hospitality company, TIME Hotels Management, has opened the doors to a second TIME Residence-branded property as part of its regional expansion programme.
The new Zakher TIME Residence – Abu Dhabi offers 68 fully-furnished one-bedroom and studio apartments located in the commercial heart of the city on Fatima Bint Mubarak Street (also known as Al Najda Street).
This follows the successful 2013 unveiling of the TIME Residence brand and the launch of the TIME Pearl Residence, a 72 two-bedroom unit property situated just five minutes walk from the UAE capital’s popular Corniche promenade.
Occupancy levels also rose year-on-year for the period January to July 2014 by 6% to touch 94%, up from 78% with a healthy 9% rise in revenue to AED 367 million.
The nationality mix similarly registered some interesting statistics in the January to July audited period, with UAE nationals named as the number one source market followed by India, the UK, Germany and the USA.
Facilities available at the Zakher TIME Residence – Abu Dhabi include fully fitted kitchens with washing machines, fridge-freezers, microwaves and ovens, 24-hours security, housekeeping services, in-room safes, LED televisions and a well-proportioned gym.
Its central location places it in the heart of the commercial and leisure-based action, in close proximity to major downtown malls, and within easy reach by car of the Sheikh Zayed Grand Mosque, Abu Dhabi International Airport and attractions of Yas and Saadiyat Islands.
“The success of our first TIME Residence property reaffirms our confidence in this operational model as a key driver to capture long-term business while ensuring that we deliver our signature service and hospitality across all TIME branded properties,” said Awadalla.
“Our pipeline of TIME Residences will be further boosted by two more Abu Dhabi locations coming up – the 312-unit Meera Residence, also located on the Corniche, and the 264-unit Jouharaaa Residence, which is scheduled to open in early 2016,” he added.