Dubai luxury resort close to selling for $280 million

Anantara The Palm Dubai, an opulent resort on one of many metropolis’s well-known synthetic tree-shaped islands, is near being bought for 1.1 billion dirhams ($280 million), in response to individuals accustomed to the matter.

The lodge’s proprietor, United Arab Emirates-based developer Seven Tides, is working with Grant Thornton LLP on the potential sale, the individuals stated, asking to not be recognized because the talks are non-public. 

The Anantara resort boasts 400 meters (1,312 toes) of personal seashore overlooking the Arabian Sea and a collection of waterways in between nearly 300 rooms and villas. Discussions are ongoing and there’s no certainty a deal will go forward, the individuals stated, who didn’t establish the potential purchaser.

Representatives for Seven Tides stated nobody was accessible to remark, whereas Grant Thornton declined to remark.

The talks come amid a tourism increase in Dubai that began as town emerged as a protected haven throughout the pandemic and has since lured in scores of rich expatriates and vacationers. Resort occupancy charges within the emirate averaged about 83% within the yr via March, whereas the typical each day charge throughout the first quarter reached 783.8 dirhams ($213.45), in response to actual property adviser CBRE Group Inc. 

“Seaside properties’ efficiency improved very quickly after the pandemic and that’s driving appreciable curiosity within the few lodges accessible to buyers,” Taimur Khan, CBRE’s head of analysis, stated in an interview. “That is an opportune time for asset homeowners to exit as valuations look engaging with the strongest market we’ve had in years.”

Buyers anticipate that Dubai’s customer numbers might rise even additional as they nonetheless haven’t returned to 2019 ranges, he stated.

“There may be little or no provide coming into the market throughout the prime section,” Khan stated. “Additionally few websites stay the place a developer is ready to construct a seashore entrance five-star lodge.”

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