Dubai's Nakheel Plans Nine Hotels by 2016

---

Nakheel, one of Dubai's leading developers and a poster child for the debt crisis in 2009, expects to have nine hotel projects under development by 2016. 

The developer plans four new hotels on Deira Island, located on its palm island project off the emirate's coast. It also plans four other development across the rest of the city, Chairman Ali Rashed Lootah said at a news conference. 

The new hotels are part of new projects Nakheel plans to reveal this year that include homes, retail and leisure locations with a sales value of 6 billion dirhams ($1.63 billion) to 8 billion dirhams, Bloomberg reports. 

"We are seriously thinking of expanding in hospitality, which goes along with the vision of the Dubai government of trying to build enough facilities," Lootah said. "By 2016, we will have nine hotels and more to be announced."

Nakheel was rescued by a government bailout in 2009 following the financial crisis. Earlier this month, the developer announced it plans to pay AED6.8 billion ($1.9 billion) of its debt one year ahead of schedule. 

According to a statement distributed at the news conference, the developer will deliver approximately 1,600 homes in 2014, after delivering more than 3,150 homes last year.