IFA opens $330m Fairmont hotel in Dubai
Dubai, January 5, 2013
International residential and resort developer IFA Hotels & Resorts (IFA HR) has announced the opening of its first property in Dubai, the $330 million beach-front hotel, Fairmont The Palm.
The five-star hotel is the only operational resort located on the trunk of the Palm Jumeirah, making it one of the island’s most accessible destinations, said a senior official. It is the third Fairmont hotel in the IFA HR portfolio.
“As the largest foreign investor on the Palm Jumeirah, it is fitting that this landmark hotel is our first to become operational in Dubai," remarked Talal Jassim Al-Bahar, the chairman and CEO of IFA Hotels & Resorts.
"Led by the vision of Sheikh Mohammed bin Rashid Al Maktoum we are committed to furthering Dubai’s position as a thriving tourist destination. The opening of Fairmont The Palm signifies our first contribution to Dubai’s hospitality landscape," he stated.
With strong air connectivity and a bustling leisure demand, Dubai continues to be the strongest trading hotel market in Mena region when measured by average rates and occupancies, stated Al-Bahar.
In October 2012, the STR Global recorded average room rates of $476 for beachfront hotels in Jumeirah, he added.
In his comments, Gabriel Matar, the head of Middle East and Africa for Jones Lang LaSalle Hotels, said based on its competitive set, Fairmont The Palm is expected to command a premium of up to 70 per cent versus city centre hotels.
"That figure takes into account the hotel’s location, its 460-metres of beachfront, 381 balconied guestrooms, 2,200 sq m of meeting and conference facilities, 1,600 sq m spa, an array of amenities, seven food and beverage outlets and expected service levels," he noted.
These extensive offerings form part of a $616 million larger luxury development that includes 562 luxury apartments bringing the total number of keys in the development to 957. Featuring an imposing and highly visible façade, Fairmont The Palm is well positioned to capitalize on its proximity to key demand generators such as Dubai Media City, Internet City and the Palm Island community.
Joe Sita, the president of IFA Hotel Investments, which asset manages IFA HR’s operational properties, said, "In addition to accommodating visitors to Dubai, we expect Fairmont The Palm to become a dining and leisure destination central to life on the island."
"Accessible to the adjacent residences, the 860 apartments in our Golden Mile development, as well as the island villas and neighboring buildings, we are confident the property will draw a sizeable amount of domestic business," he stated.
In addition to an array of diverse food and beverage outlets, the hotel features 10 floors of rooms and suites primarily laid out in a unique dual let format with a common entry door to two rooms; enabling guests with families to enjoy shared spaces.
Each guest room features a five-fixture bathroom with bathtub and separate walk-in shower and is equipped with the latest in entertainment and communication systems including high speed internet access and 40-inch interactive LED TVs.
Jennifer Fox, the president, Fairmont Hotels & Resorts said: “We are extremely excited to add Fairmont The Palm to our list of global destinations. It is also set to contribute to the island’s cultural scene with arrangements underway for Sounds of Fairmont – an international music series featuring EMI artists – to take place in early 2013."
Previous Sounds of Fairmont performers have included Colin James, The Barenaked Ladies, Keith Urban, Corinne Bailey Rae, Matt Nathanson and Glass Tiger.
“Every necessary piece is now in place for this to be an extremely successful IFA HR development. We have one of the best hotel operators in the world in place," remarked Al-Bahar.
"We have a beautiful hotel of exceptional quality. We have an idyllic location in a world-class city. And, we are coming online at a time when we are seeing robust demand in the market for properties exactly like Fairmont The Palm," he added.-TradeArabia News Service