UAE-based Al Waleed Investment Group revealed their first hotel project by buying the 180-room ‘Splendid Hotel,’ in the Oud Metha area of Dubai.

The hotel will be renamed Alwaleed Palace Hotel Apartments.

Al Waleed Hospitality aims to acquire luxury hotel projects with high investment feasibility and supervision of the management to meet the growing needs of the service buildings.

Al Waleed Hospitality also seeks to acquire more hotel projects in the local market in Dubai, which kept pace with the policy of the main group Al Waleed investment, where to raise their assets in Dubai to more than 500 rooms by the end of the year 2014. Al Waleed Group is currently under negotiations with the different investors to acquire some properties in the area of Al Barsha.