Dubai: Business at Atlantis, the $1.5 billion (Dh5.5 billion) hotel on the Palm Jumeirah is slow, with room rates slashed dramatically and occupancy low.
Despite the grand opening of the resort on Thursday night, which saw stars and celebrities descend on the Palm, causing actual residents difficulty accessing their own homes, business is not so impressive.
The average room rate on November 17 was Dh849 ($231), Tuesday was Dh380 ($104), a completely unbelievable Dh161 ($44) on Wednesday night and Dh157 ($44) on Thursday night, according to official figures leaked to Gulf News.
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It is not clear whether the current economic climate has played its part, perhaps forcing other hotels to cut prices. Gulf News contacted Atlantis but did not receive a comment.
However, over the next few days, the rates do increase but not to the levels of when Atlantis first opened, which quoted average room rates of $454 a night.
While occupancy has not been over 80 per cent in the past week, over the next four days occupancy plummeted to 26 per cent on Sunday, 30 per cent on Monday and 33 per cent on Tuesday, the information showed.
It is possible that Atlantis is keeping the hotel under tight security even after the star-studded party as a precaution. However, the figures show they will be accepting guests.
Your comments
It is interesting to note if we use this as a benchmark for a standard night's stay in the hotel, then living in Atlantis Hotel may be cheaper than the average rental for a house in Dubai!
From A Reader
Abu Dhabi,UAE
Posted: November 23, 2008, 13:07
If the published rate of Dh157 is true, then it is actually cheaper to stay at the Atlantis Hotel than to rent a studio in Satwa.
Fulan
Dubai,UAE
Posted: November 23, 2008, 11:31
