The Palazzo Versace Dubai, a luxurious hotel situated in the Al Jaddaf area, is up for auction with a minimum bid price set at USD 9 billion. Bidders have just over three days to submit their offers for this prestigious property. Despite previous rumors about its potential sale, this is the first formal auction with such a high starting bid.
The hotel's trade license is not included in the sale, but the property itself spans 478,985 square feet, encompassing the ground floor plus nine storeys. Opened in late 2015, the hotel features 215 rooms and has enjoyed favorable occupancy rates recently, benefiting from Dubai’s status as a top global tourist destination.
Should the auction fail to attract bids meeting the base price of approximately AED 1.34 billion, the sale may be postponed and reintroduced at a later date. This auction follows notable recent sales in Dubai’s real estate market, such as the unfinished Pentominium in Dubai Marina, which sold for $100 million to Select Group, who plan to complete it under the Six Senses brand.
Industry experts view Palazzo Versace Dubai as a valuable addition to any investor’s portfolio, contingent on the final sale price. The Dubai real estate market is also seeing more realistic pricing trends in non-offplan properties, aligning seller expectations with market conditions under the Dubai Land Department’s updated online sales guidelines.
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