Business | Property
Nakheel and Trump Organisation clarify stand on Dubai hotel
A recent report citing conflict between master-developer Nakheel and the Trump Organisation over the ownership of the Trump International Hotel and Tower have been put to rest by both parties.
- By Suzanne Fenton, Staff Reporter
- Published: 00:08 July 15, 2008
Dubai: A recent report citing conflict between master-developer Nakheel and the Trump Organisation over the ownership of the Trump International Hotel and Tower have been put to rest by both parties.
The Middle East Economic Digest (MEED) stated in their weekly real estate newsletter that Nakheel and the Trump Organisation were involved in a conflict over who will own the Dh4 billion Trump International Hotel and tower on Palm Jumeirah.
However, Chris O'Donnell, chief executive officer of Nakheel, had already highlighted the terms of the Nakheel-Trump partnership during the recent New York launch of the development.
"The terms and conditions of the agreement are confidential although it is envisaged that upon completion, the hotel component of the building will be owned by Nakheel Hotels, with the Trump Organisation having an ongoing involvement in its management," O'Donnell said.
While the Trump hotel part of the development will be owned by Nakheel Hotels, within the residential tower, each of the 399 units will be privately owned, including Donald Trump himself.
At the launch, just over two weeks ago, Donald Trump agreed that the agreement was private.
"We don't talk about our deals because they're private, but we have a very big stake in the development," Trump said.
The Trump hotel, set to be the centrepiece of the Palm Jumeirah. O'Donnell believes the first penthouse could sell for an impressive $30 million.
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