Hilton Inks Deal for a Waldorf Astoria in the DIFC

Hilton Inks Deal for a Waldorf Astoria in the DIFC

Hilton Inks Deal for a Waldorf Astoria in the DIFC

$HLT

The new property will join the recently opened Four Seasons

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Hilton Worldwide (NYSE:HLT) announced Wednesday it had signed a management agreement with Ward Holdings to open a Waldorf Astoria hotel in Dubai International Financial Centre.

The property, which will open in Autumn 2017, will form part of a mixed-use residential, retail and office-space development.

It will feature 247 guest rooms; upscale dining options and spa and wellness facilities. Other features include a grand ballroom and four meeting rooms.

“I have long admired the role DIFC plays in the world of international investment, benefitting from its east meets west location and world-class trading framework. As an iconic luxury brand originating from New York, another centre of global finance, I am delighted that we will welcome Waldorf Astoria to this international hub,” said Hilton Middle East and North Africa vice president of development Carlos Khneisser.

Ward Holdings representative Shehab Gargash said the hotel, located on Al Saada Street opposite the centre, would “significantly enrich the high-end hospitality and dining options in DIFC”.

Hotel competition in DIFC is heating up. Last month rival hotel chain Four Seasons opened a property in the financial district. The hotel has 106 rooms and suites and 4 restaurants.

Symbol Last Trade Date Change Open High Low Volume
NYSE:HLT 21.92 20 Apr-2016 -0.39 22.39 22.4 21.92 12,571,200
HeffX-LTN Analysis for HLT: Overall Short Intermediate Long
Neutral (-0.01) Neutral (-0.20) Neutral (-0.14) Bullish (0.31)

By Robert Anderson

Paul Ebeling, Editor

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