International residential and resort developer IFA Hotels & Resorts (IFA HR) announced the opening of its first hotel in Dubai – Fairmont The Palm.
The $330 million five-star beach front hotel is the only operational resort located on the trunk of the Palm Jumeirah, making it one of the island’s most accessible destinations.
Talal Jassim Al-Bahar, Chairman and CEO of IFA Hotels & Resorts stated: “As the largest foreign investor on the Palm Jumeirah, it is fitting that this landmark hotel is our first to become operational in Dubai.
We are committed to furthering Dubai’s position as a thriving tourist destination.
“The opening of Fairmont The Palm signifies our first contribution to Dubai’s hospitality landscape.”’
Gabriel Matar, Head of Middle East and Africa for Jones Lang LaSalle Hotels, predicts that; “Based on its competitive set, we expect to see Fairmont The Palm command a premium of up to 70% versus city centre hotels.
“That figure takes into account the hotel’s location, its 460-metres of beachfront, 381 balconied guestrooms, 2,200 m² of meeting and conference facilities, 1,600m² spa, an array of amenities, seven food and beverage outlets and expected service levels.”
Joe Sita, President of IFA Hotel Investments, which asset manages IFA HR’s operational properties, added: “In addition to accommodating visitors to Dubai, we expect Fairmont The Palm to become a dining and leisure destination central to life on the island. Accessible to the adjacent residences, the 860 apartments in our Golden Mile development, as well as the island villas and neighboring buildings, we are confident the property will draw a sizeable amount of domestic business.”