The investment group spent AED100 million (US$27 million) on the hotel, which includes 80 rooms, a fitness centre, sauna and swimming pools.Al Waleed Investment's hospitality portfolio has expanded to include six properties comprising 500 keys: Park Regis Boutique, Al Waleed Palace in Oud Metha, Al Waleed Palace in Al Barsha, Lemon Tree on Al Wasl Road, Beach Walk Jumeirah, and the Downtown Amman Abdali Boulevard Hotel.
It's a difficult time for hotels in the city. As of June 2020, 16 percent of the UAE’s hotels tracked by UAE-based consultancy firm Cavendish Maxwell had either closed or operated at minimum capacity. On a room basis, 27 percent had closed in Dubai vs eight percent in Abu Dhabi.In the same month, Dubai’s RevPAR crashed by 73.5 percent compared to June 2019, with Abu Dhabi’s falling by 13.6 percent. Abu Dhabi’s resort industry in particular saw RevPAR fall by 48 percent, while Ras Al Khaimah and Fujairah stood at -32 percent and -42 percent respectively.