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Bawadi to build Dh1.2b Palaces Hotel and Resort
The 10-kilometre thematic Bawadi boulevard - a Dh100 billion hospitality and tourism project - will now include the Dh1.2 billion Palaces Hotel and Resort.
- Staff Report
- Published: 00:00 October 31, 2006
Dubai: The 10-kilometre thematic Bawadi boulevard - a Dh100 billion hospitality and tourism project - will now include the Dh1.2 billion Palaces Hotel and Resort.
The spectacular development will be modelled after some of the world's grandest palaces that are evocative of the royal past.
The announcement came at the signing of a development agreement between Arif Mubarak, CEO of Bawadi, a member of Tatweer and Ziad Galadari, Chairman of Galadari Investments LLC.
Palaces Hotel and Resort is inspired by palaces like the Chateaux de Versailles, Buckingham Palace and the Taj Mahal. The resplendent architectural masterpiece will provide an authentic royal ambience to guests who wish to experience a regal life-style.
Ziad Galadari, Chairman of Galadari Investments LLC said: "The Palaces Hotel and Resort is a unique project, one of the biggest and most prestigious in our portfolio of real estate developments. Visitors will be transported back to an era of old world elegance, while still enjoying the highest international standards of service and modern facilities."
The Palaces Hotel and Resort will comprise 1,000 rooms, fine dining restaurants, and lifestyle shops.
Arif Mubarak, CEO of Bawadi said: "Galadari Investments decision to invest in Bawadi validates its value proposition to leading investors and developers. It is a vote of confidence in Bawadi and an affirmation of our conviction that Bawadi will be a leading international hospitality and tourism destination."
Palaces Hotel and Resort is Bawadi's third development agreement.
It has previously signed with Zabeel Investments, the developer of America Hotel & Resort, and with Gantoot Star, the developer of Pirates Cove Hotel and Resort. All its agreements have been signed in less than one month.
Over the next eight years, Bawadi projects will double the current number of hotel rooms in Dubai. At centre-stage will be the world's largest hotel, Asia-Asia, which alone will add 6,500 rooms.
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