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Sun 20 Feb 2011 12:38 PM

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Luxury hotel Palazzo Versace Dubai says 80% of apartments sold

Construction on the Dubai-based branded property is 81 percent complete, says developer

Luxury hotel Palazzo Versace Dubai says 80% of apartments sold
Versace

Palazzo Versace Dubai, the AED2.3bn ($626m) hotel and
residences branded by the Italian fashion house, has sold 80 percent of its
units, the developer behind the venture has said.

Emirates Sunland Group, a joint venture between the UAE’s Emirates
International Holdings and Australian-based Sunland Group Limited, also said construction
on the luxury property is more than 80 percent complete.

“[The resort] has continued its construction during a very
difficult economic time,” said managing director Soheil Abedian. The property
is 81 percent complete, he said.

The Versace-branded resort will include 169 private
apartments and 217 hotel suites, decorated with furnishings from the Italian designer’s
Home range.

The Dubai property will be the second Palazzo Versace resort,
following the first on Australia’s Gold Coast. A further 13 are planned
worldwide.

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