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.

Related:
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
Review: Le Royal Monceau – Raffles Paris

Review: Le Royal Monceau – Raffles Paris

The hotel is one of just six in France to be awarded the prestigious...

Saudi authorities on Ebola watch as millions gather for haj

Saudi authorities on Ebola watch as millions gather for haj

Kingdom expects nearly 3 million pilgrims in Makkah this year...

What do chefs really think? Inside the UAE's top restaurants

What do chefs really think? Inside the UAE's top restaurants

The results of the latest Caterer Middle East Head Chef Survey...

Most Discussed
  • 16
    ‘How my Dubai mortgage landed me in a police cell’

    loans in any form need to filtered with the terms and condition, assuming thing will be in order is not excuse, one need to check with banks when property... more

    Friday, 31 October 2014 5:49 PM - Jacob
  • 10
    Do you actually own your house?

    This is unbelievable from Nakheel. In a case where we want landscape our garden with some tiles and grass costing around 12500, Nakheel is demanding a... more

    Thursday, 30 October 2014 9:06 PM - skp
  • 1
    Men arrested for working in women's shops in Saudi

    “We won’t spare any mall or shop employing expatriate men to sell women’s accessories,” the ministry’s director general in Makkah, Abdul Monem Al Shahri... more

    Friday, 31 October 2014 12:22 PM - cba