Nakheel, a Dubai-based master developer, will be building a new three-star hotel in Dragon City.
The company issued a tender which revealed that the hotel will have 295 rooms that will be located to the north of the existing Dragon Mart 1 Complex.
The plot size is nearly 5,600 square metres while the built-up area is approximately 16,900 square metres.
No details were available on when the hotel will open.
According to Nakheel, Dragon City comprises shopping malls, showrooms, multi-storey car parks, hotels (an existing 3-star Ibis Styles Hotel) and a two-tower residential complex.
The developer has said it plans to have 10 hotels at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall and Dragon City.
Nakheel’s net profit for the first six months 2016 was up four per cent at Dh2.95 billion compared with a net profit of Dh2.83 billion in the same period last year.
“Over the next six months we will build on these positive figures with further improvements and better results as we continue with our strategy of creating more cash-generating assets and strengthening our asset base,” Nakheel Chairman Ali Rashid Lootah said in a statement.
The company has already opened Dragon Mart 2 and the first of a series of expansions at Ibn Battuta Mall.