Pioneer Group looks to GCC market for YE’S aparthotel brand

George Sell George Sell Uploaded 04 October 2018

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UAE: Moscow-based Pioneer Group, is looking for potential investors or partners to bring its mid-market YE’S aparthotel brand to the UAE and the wider GCC.

With the support of Japanese architectural and urban design firm Nikken Sekkei, the Pioneer Group will be showcasing existing developments in Moscow and St Petersburg at Cityscape Global in Dubai this week.

Pioneer says it is confident that the mid-market hospitality brand from Russia will pique the interest of potential ME partners, in a regional hotel and apartment market dominated by major international luxury brands.

"The YE'S apart-hotel brand is a unique mid-market product, accessible to a wide range of investors, offering apartments fully furnished and ready for leasing with the added benefit of professional hotel management. This format is ideal for both business and leisure visitors - long staying corporate guests as well as short stay family getaways, affording investors a regular monthly income, with annual returns of up to 10 per cent," said Leonid Maksimov, chairman of the Pioneer Group's board of directors.

According to Dubai's tourism authority, Russian tourist arrivals for the first half of 2018 grew year-on-year by 74 per cent to 405,000 and is now one of the emirate's top five source markets.

"That is why YE'S is such an attractive proposition for UAE investors. Russian tourists particularly those from Moscow and St. Petersburg will recognise the brand and its value-led offering. With more and more mid-market tourists expected to arrive in the UAE from Russia, demand will be robust and sustainable," said Maksimov.

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