UAE-based Al Waleed Investment Group said its new hospitality unit has acquired its first hotel project, the 180-room 'Splendid Hotel,' in the Oud Metha area of Dubai.

The project, which is to be renamed 'Alwaleed Palace Hotel Apartments' is located near 'Lamcy' shopping center.

Al Waleed hospitality aims to acquire luxury hotel projects with high investment feasibility and supervision of the management to meet the growing needs of the service buildings, said a senior official.

'Our aim through Al Waleed Hospitality is to focus on providing the best levels of luxury services to our customers,' explained Mohammed Abdul Razak Al Mutawa, the chairman of the Al Waleed investment board.

'Our hotel services specialized in the high quality standards reflects a new experience in the hospitality industry at the level of the local market in Dubai,' he added.

'The decision came to provide hospitality services in line of Al Waleed strategy and with the vision of the group as well to expansion plan and conviction we are having about the maturity of this sector, which has proved its durability over the years despite the challenges of the global financial crisis.'

'Al Waleed investment has set a target to raise their assets in Dubai to more than 500 rooms by the end of  2014,' he added.

Al Waleed Group is currently under negotiations with the different investors to acquire some properties in the area of Al Barsha in Dubai.-TradeArabia News Service