Dubai’s Al Habtoor Group is looking for opportunities to buy at least two five star hotels in Paris and London, and plans to build two new hotels in Dubai. Khalaf Al Habtoor, the company’s chairman, said the new hotels in Dubai will be located on Palm Island and Shaikh Zayed Road. Al Habtoor said “Our target is for the time being two properties. Maybe one in London and one in Paris, or two in the same country, the better opportunity we get, we will grab first.”
Al Habtoor said it makes sense to look for investment opportunities abroad because of the fall in prices, but the Gulf region will continue to be an investment priority for his company. He said he had recently talked with Baron David de Rothschild about his plans to buy properties in Europe, but that he is not looking for properties exclusively with Rothschild. Baron David de Rothschild is Chairman of London-based NM Rothschild & Sons.
