The luxurious Palazzo Versace Hotel in Dubai that boasts over-the-top services like butler on demand is being sold for $353 million – a far cry from its original construction cost of $626 million. Located in Al Jadaf, Dubai, the hotel is a prime example of a hotel that is up for sale and is situated in one of the world’s most promising hospitality segments.
Owned by a subsidiary of Emirates International Holding, the Palazzo Versace Hotel would take up an area of over 478,000 square feet. The condominium will have 65 lavish suites with views of either the city skyline or Creek in addition to four high-end restaurants, two pools and fitness centre.
Potential bidders should pay attention to several auction specifics: the property is leased from September 2021 to March 2028. At present, this hotel is leased while the rent collection and issues of eviction would be passed on to the new proprietor once an acquisition is made. Potential buyers need to consider the lease, and liabilities that come with it, when bidding for the car.
It is important to note that, the furniture and trade licenses are not included in the sale. Furthermore, the new owner is also liable for any developer fees that are payable after a sale as well as notifying tenants.
Visitors cannot view the property at this time however interested parties are welcome to contact Emirates Auction for further information and for their opportunity to become a part of this unique selling event of Dubai’s Hotel industry. Featuring a great location, luxury facilities and potential to generate a high return on investment, the Palazzo Versace Hotel is an ideal investment for those who are planning to enter the booming real estate market in Dubai.
