Saturday, June 3, 2023

Luxury Resort on Dubai’s Palm Islands Close to Selling for $280 Million

Anantara The Palm Dubai, a luxurious resort located on one of Dubai’s famous artificial islands, is reportedly close to being sold for 1.1 billion dirhams ($280 million). The owner of the hotel, Seven Tides, based in the United Arab Emirates, is said to be working with Grant Thornton LLP on the potential sale.

The resort features 400 meters of private beach overlooking the Arabian Sea and consists of around 300 rooms and villas. While discussions are still ongoing, there is no guarantee that a deal will be finalized, and the potential buyer has not been identified. This potential sale comes at a time of increased tourism in Dubai, as the city has become a safe haven during the pandemic and has attracted many wealthy expatriates and tourists.

The hotel occupancy rates in Dubai have been high, with an average of around 83% in the year leading up to March. Investors see this as an opportune time to exit the market, as the hotel valuations are attractive and the market is performing strongly. Dubai’s visitor numbers are expected to rise further as they have not yet reached pre-pandemic levels.

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