Jumeirah Group, the hotel group that operates the world’s most luxurious hotel, the sail-shaped Burj Al Arab in Dubai, is now planning to enter the Russian market. Already famous for its billionaires, the luxury market in Russia is one of the fastest growing in the world. Presumably Jumeirah Group’s decision to open in Russia is dictated by increasing demand for luxury travel in the country.
The company’s executive chairman Gerard Lawless said: “I tell you, we need to open in Russia. If we could we would. We would be very pleased to open in Russia. We have had a number of discussions but nothing has come to any conclusion,” the Arabian Business reports.
Jumeirah Group, which is part of Dubai Holding, is negotiating with various potential partners in Russia in order to finalize on a property. The Jumeirah Group expects to have 60 properties signed or under management by 2012.
Jumeirah Group is known for astonishing designs when it comes to hotels. The company reported that its full-year profit for 2010 rose 58 percent on the year-earlier period. Jumeirah network currently has offices in the UAE, UK, France, Germany, Singapore, Japan, China, Nort and South America, Australia and Saudi Arabia.
Russia’s first luxury hotel, the Baltschug Kempinski, was opened in 1992. Today there are 20 five-star hotels in Moscow, which account for 35 percent of the market, according to the Knight Frank real estate firm.