Arabtec wins Dh1b hotel project in Cultural Village

Dubai: Arabtec, one of the UAE's leading contracting companies, has won a Dh1 billion contract to build the 215-suite Palazzo Versace Resort and the D1 Tower in the recently announced Culture Village in Dubai Creek.

Emirates Sunland Group, a 50:50 joint venture between UAE-based investors Emirates International Holdings (EIH) and Australian developers Sunland Group, are behind the Dh2.56 billion hotel, to be operated by Versace, the name behind the famous fashion and lifestyle brand.

Riad Kamal, managing director of Arabtec, told Gulf News yesterday, "We have been awarded both the construction and project management contract for the project, which will be a beautiful addition to the city's growing skyline."

The project will be developed on a 130,000 square metre plot of prime land, in which an artificial temperature-controlled beach will serve mainly upmarket leisure travellers.

The design and development plan for the Palazzo Versace was finalised recently, and construction is expected to start later this year.

To be opened in 2008, this would be the second designer labelled hotel following Armani hotel's announcement to penetrate the market.

In March 2005, EIH signed an agreement with Dubai Properties to acquire the land for the development of the resort.

"The design of the Palazzo Versace will include all of the trademarks of Versace style and glamour while incorporating the needs of the local environment.

"Palazzo Versace will provide the ultimate destination for those wanting a taste of the 'Versace' lifestyle within a dynamic and modern environment like Dubai," Dr. Santo Versace, president of the Versace Group, told the media earlier.

The project will also include 220 condominiums that will be offered to selected high-profile investors on a freehold basis.

The Versace Group together with Sunland Group, which opened the first Palazzo Versace on the Gold Coast in September 2000, identified the Middle East as the next potential region for a Versace resort the ultimate experience in luxury vacationing.

Emirates Sunland will develop the hotel, part of a global roll-out that will see more Palazzo Versace Resorts coming up in major gateway cities of the world, officials said.

Earlier, EIH acquired a 50 per cent stake in Sunland's Palazzo Versace Resort on the Gold Coast for $40 million.

Sharjah-based Swiss-Arabian Perfumes and Emirates Neon are among the companies behind the EIH. Abraj Capital last year acquired a 34.5 per cent stake in the company.

Emirates Sunland Group will develop the Palazzo Versace Dubai hotel. The Versace Group will be responsible for all aspects of content, design and style, including architecture, interiors, furnishings and amenities using specially designed items from the various Versace collections.