Dubai’s Palazzo Versace hotel, a Middle Eastern icon of luxury and excess, is back in the auction block, with officials this time calling it the “best price” ever. The waterfront property, which has solid investor interest over several rounds of bidding but still no final sale, is situated on the Al Jaddaf area.
As per auctioneers, the investors now have 11 days to review and react to the new offer price. The hotel, where neoclassical Italian style is blended with luxury opulence, has traditionally been one of the emirate’s most desirable addresses. The offer is quoted as being stronger than earlier bids, perhaps indicative of a seller’s desperation to seal a transaction.
Market analysts say that Dubai’s hospitality and property sectors remain buoyant, and a deal at the right valuation could represent a major win for institutional investors or luxury hotel operators looking to enter or expand in the region. However, buyers are weighing long-term operational potential and ROI amid a shifting economic climate.
Palazzo Versace Dubai has 215 rooms and suites, nine restaurants and bars, and a large events area. The hotel is also famous for its branded residences, opulent furnishings, and tie-up with the international Versace fashion brand. Interested investors are requested to act fast before the deadline closes in less than two weeks.
