Dubai Holding's Jumeirah to Open 10 Hotels in 18 Mths

The luxury hotel management group said it expected to open the new hotels in locations including Frankfurt, Kuwait, the Maldives, the United Arab Emirates (UAE) and Shanghai.

Jumeirah's parent company Dubai Holding [DUBAHC.UL], the investment conglomerate owned by the emirate's ruler, is considering restructuring up to $20 billion in debt, the FT reported on March 29. [ID:nLDE62S097]

The move would be another blow to indebted Dubai, one of seven members comprising the UAE.

Dubai Holding spans financial investments, hospitality and real estate.

The hotelier said on Wednesday it so far had a total of 32 management agreements to operate hotels globally.

"Jumeirah Group reaffirms its growth strategy of having 60 hotels signed up by 2012," the company said. "The company also feels confident that it will have 30 hotels open in 2013."

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