Luxury Dubai hotel Palazzo Versace up for auction

  • Date: 17-May-2024
  • Source: Gulf News
  • Sector:Tourism
  • Country:UAE
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Luxury Dubai hotel Palazzo Versace up for auction

The Palazzo Versace has been one of Dubai's signature hotel destinations since its opening late 2015. Will the auction help land a new owner? Image Credit: Supplied

Dubai: A landmark hotel in Dubai – the Palazzo Versace – has been put on auction, with the minimum bid price set at Dh1.34 billion.

Bid submissions for the property, located in the city’s Al Jaddaf area, will be open for just over 5 days, according to the auction details.

There had been talk in banking and property circles about a possible sale of the property for some time now. At several points over recent years, there had even been talk about ‘imminent’ deals being struck with a new buyer. However, none of these – clearly – ever reached the finish-line.

The trade license on the property is not part of the sale, though. The hotel spans 478,985 square feet, including the ground floor plus nine storeys, according to the details provided.

The hotel, which has 215 upscale rooms, opened in late 2015. Through the years, it’s has held up as a favoured choice for well-heeled visitors to the city.

Currently, booking options show rooms available from Dh800 a night and more.