Tuesday 23 March, 2021
First UAE Residence Inn opens its doors UAE: Residence Inn by Marriott Al Jaddaf, the brand’s first property in the United Arab Emirates, has opened in Dubai.
EDITOR'S COMMENT
• Governments talk a lot about sustainability, corporations have tinkered around the edges, but at the end of the day, money talks. And the investment community is taking the issue very seriously indeed. When private equity and pension funds drive an agenda, things tend to happen quickly and at scale.
Nuveen’s announcement that all its real estate assets - around $133 billion worth at present - will be carbon neutral by 2040 is a good example of the momentum being generated. It has brought forward the timeline by 10 years, and is not only a ‘big picture’ decision but one based on investment strategy.
CEO Michael Sales says: “We believe this is essential to create a better world for future generations, but it will also help mitigate climate risk across our real estate strategies and future-proof our investments.”
• While many of the major US extended stay brands are happy to concentrate on growth in their home territories, Marriott’s Residence Inn brand continues to break new ground.
In the last four months, it has opened its debut properties in Mexico, the Nordic region, and now the United Arab Emirates.
As the increased recognition and subsequent demand for extended stay accommodation continues to grow, Marriott is following the demand and expanding internationally. It will be interesting to see if the likes of Hilton, Wyndham and perhaps even Choice follow its lead.
• Don't forget that entries for the sixth annual Serviced Apartment Awards are now open. The awards have quickly established themselves as a highlight of the industry calendar, and indeed for many of us, the 2020 awards in early March were the last gathering of any size that we attended.
The awards will be presented at a ceremony in London on June 24th. For more information and to enter, visit www.servicedapartmentawards.com
• Scroll down for more of the week's news.
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Katie Houghton
Group head of sales: +44 (0)7535 135 116
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