Abu Dhabi National Hotels PSC, the owner of properties managed by Hilton, Le Meridien and Sheraton properties in the United Arab Emirates, expects a decline in profit after an expansion in its asset base.
“The leisure market in Abu Dhabi is just not there yet,” said Richard Riley, chief executive officer of Abu Dhabi National Hotels. The company expects to post a 15 percent decline in profit this year as it accounts for depreciation costs of its latest developments.
“We’re growing in asset base,” said Riley in an interview in Abu Dhabi. “We will have limited profitability growth over the next couple of years.”
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