IFA in talks to sell stake in $350m Dubai hotel

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Fairmont the Palm opened on Palm Jumeirah in January.

Fairmont the Palm opened on Palm Jumeirah in January.

IFA Hotels & Resorts on Tuesday denied it is to sell the recently opened Fairmont hotel on Dubai’s Palm Jumeirah, but confirmed it is in talks to sell a minority stake.

The 381-room hotel, which opened in January, is currently in talks with Middle East investors to sell a minority stake in the hotel, which has been valued at around $350m.

"IFA Hotel Investments is in discussions with potential strategic partners interested in purchasing a stake in Fairmont The Palm," Joe Sita, CEO of IFA Hotel Investments, said in a statement to Arabian Business.

While the size of the state has not been decided, an IFA spokesperson dismissed a Bloomberg News report which claimed the hotel as a whole was up for sale. Kuwait-based IFA is aiming to complete the stake sale by the end of the third quarter of this year.

The hotel’s opening had initially been delayed due to funding and was IFA’s first hotel to become operational in the emirate when it opened at the start of the year.

"The opening of Fairmont The Palm signifies our first contribution to Dubai's hospitality landscape," Talal Jassim Al-Bahar, chairman and CEO of IFA Hotels & Resorts, said at the time.

The new resort features 460 metres of beachfront, 381 guestrooms, 2,200 sq m of meeting and conference facilities, a 1,600 sq m spa, and seven food and beverage outlets.

These offerings form part of a larger $616m development that includes 562 luxury apartments bringing the total number of keys in the development to 957.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Over half of suppliers asked for bribes by hotel managers - survey

Over half of suppliers asked for bribes by hotel managers - survey

Nearly three quarters of suppliers said they know of other firms...

The new RNB stars

The new RNB stars

How Jason Myers, Gert Kopera and Christian Gradnitzer plan to...

100-year anniversary of commercial passenger aviation

100-year anniversary of commercial passenger aviation

On New Year’s Day 1914, the first paying aeroplane passenger...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams