Landmark Real Estate Investment Management (LRIM), a fund manager based in Dubai, will invest Dh100 million in a three-star hotel in Dubai Industrial Park, one of the leading business zones in the emirate.

The company is making the investment through its Landmark Real Estate Opportunity Fund, which was launched in September 2005.

The fund has invested in about 10 property projects across the UAE, said LRIM chief operating officer Riyaz Jivanjee. He said this is the first hotel project in the group's portfolio, but did not reveal how much the fund has raised in subscriptions.

The property will be managed by Millennium and Copthorne Hotels under the Kingsgate Hotels and Resorts brand.

It will have 200 hotel rooms and 40 suites. The preliminary design works have been agreed and the hotel is expected to open in the second quarter of 2009, the company said.



"The project is designed to cater to business and leisure travellers and capture an investment opportunity created by the gap in demand and supply for mid-scale accommodation from business visitors to Dubai," said Chris Purdon, chief executive officer of LRIM.

Ali H. Lakhraim, president and chief executive officer of Millennium Hotels Middle East, said that the new hotel deal will help the company to expand the mid-market Kingsgate brand.