Pearl Dubai signs Dh2.5bn hotel deal with Starwood

Pearl Dubai, a consortium of investors led by Al Fahim Group, has signed an agreement with US-based Starwood Capital Group to develop the Dh2.5 billion Baccarat Hotel and Residences at Dubai Pearl.

The signing ceremony took place in the presence of Abdul Majeed Al Fahim, Chairman of Pearl Dubai, and Barry Sternlicht, Chairman, Starwood Capital Group. Scheduled for completion in 2011, the Dh1.5bn Baccarat Hotel will cover an area of 500,000 square feet and have 342 rooms.

The Dh1bn Baccarat Residences, featuring elegantly designed apartments over 300,000 sq ft, will also bear the stamp of the Baccarat brand within its aesthetically crafted interiors.

A Baccarat style boutique featuring top tier global brands will additionally define the luxury component of the development.

Abdul Majeed Al Fahim said: "Dubai Pearl's partnership with Starwood Capital Group is in line with our long-term strategy to develop a diversified portfolio of world-class real estate projects that focus on offering a rich experience to our patrons. Dubai Pearl represents a landmark destination incorporating a quality urban lifestyle. Complementing this stature, the Baccarat Hotel and Residences will reflect the brand's singular blend of art and glamour and enhance the dynamics of the local environment."

He added: "Our partnership with Starwood Capital Group is an ambitious collaboration, but one that is backed by the enthusiasm and passion of two partners with a commitment for innovation and excellence."

With a lineage of more than 250 years, Baccarat has been synonymous with luxury, hand-crafted quality and the unending pursuit of perfection. The first announced Baccarat Hotel project will open in 2010 at Wailea in Hawaii. Baccarat is scheduled to roll out several other developments in the Caribbean, Europe and the Far East.

With a built-up area of more than 15 million sq. feet, Dubai Pearl will combine an active business district with a quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.

The residential component of the project will include sky palaces with private pools and gardens, sky penthouses, luxury branded apartments and condominiums among others.