The Palazzo Versace Hotel, one of Dubai’s most iconic luxury spots, is back on the market, and this time, the price tag has been slashed significantly. Originally listed for over AED 1 billion, the seller has now dropped it to AED 700 million, but it’s still struggling to find a buyer.
From now until October 16, bids are being accepted starting at AED 700 million. The hotel remains fully operational, and there’s hope that Dubai’s busy tourism season will help revive its fortunes. However, even with the steep price cut, real estate experts are unsure if any serious offers will come through. Meanwhile, banks are reportedly working with the current owner to help settle any outstanding debts.
One source mentioned:
“The auction is only on the property itself – the trade license itself is not included in the sale,” “The property itself is rented out (to the hotel operator) until March 2028.”
For anyone interested in placing a bid, there are a few things to keep in mind. The sale includes 130 suites, along with four restaurants, a gym, a swimming pool, and several other facilities. However, the residential units that are part of the development are not up for sale.
This sale is yet another sign of falling property prices in Dubai, where even high-end properties like the Palazzo Versace Hotel are feeling the effects. Despite the price being cut to AED 700 million, the future of the hotel’s sale remains uncertain, with experts unsure if it will attract a buyer. It’s a clear reflection of the challenges facing Dubai’s luxury market right now.
source: https://www.propertynews.ae
