Palazzo Versace hotel in Dubai is put up for auction
Dubai five-star hotel Palazzo Versace, located on the shore of Dubai Creek, is again put up for auction. The initial value of the hotel at the auction will be Dh1.34bn.
The hotel is located in the Al Jaddaf neighbourhood and is one of the most iconic projects, along with the D1 Tower. The hotel was previously set to be auctioned in May 2024, but the auction was cancelled.
Palazzo Versace has been one of the most popular luxury holiday destinations in Dubai for many years. Hotels in the UAE are valuable assets for investors looking for commercial property.
The hotel with palatial interiors offers the investor 101,342.54 square metres, 65 suites with city views and another 65 with bay views, four restaurants, two swimming pools and a gym. The minimum auction pitch is Dh200,000.
It is worth noting that part of the project are residential residences – they do not participate in the auction. Dubai’s Department of Economy and Tourism has published a list of landmark hotels and resorts whose long-awaited openings are scheduled for 2024. In the second half of 2024, Jumeirah Group will add to its portfolio of luxury resorts with the Jumeirah Marsa Al Arab 5* hotel, which will be located next door to the famous Burj Al Arab.
The design of the new resort is inspired by an avant-garde yacht and will complete the trilogy of nautical motifs on the Jumeirah coastline. Jumeirah Marsa Al Arab will feature 303 rooms and 84 suites, as well as multi-bedroom residences with panoramic sea views. Jumeirah Marsa Al Arab will feature lush private gardens and beaches with gazebos and pavilions, as well as a three-storey spa, multiple pools, and a collection of restaurants and bars.
The LEED-certified Six Senses The Palm, Dubai will be the brand’s first property in the UAE market. The resort will be located on the west coast of Palm Jumeirah.
It will feature 60 hotel rooms and 162 residences, a private beach, a collection of eco-friendly restaurants and bars, as well as a gym, squash court, swimming pools, Six Senses signature spa, library, kids club, longevity centre and other facilities.
Ponds and valleys and palm groves will give the hotel’s landscape a unique natural character, which is reflected in the interior colour palette. It is expected to open in the second half of 2024.
A new addition to the collection of city hotels is expected in 2024, with Mandarin Oriental Wasl Tower to be located in Wasl Tower on City Walk. From the 16th to 38th floors, the hotel will house 257 spacious rooms, suites and serviced apartments.
Planned amenities include a rooftop bar, swimming pool, lobby lounge, patisserie, Mandarin Oriental signature restaurant and fitness centre.
Source: Gulf News
