IFA Hotels & Resorts Opens USD$330 Million Fairmont The Palm Hotel
The First Five-Star Hotel on the Trunk of the Palm Jumeirah
International residential and resort developer IFA Hotels & Resorts (IFA HR) announced today the opening of its first hotel in Dubai – Fairmont The Palm. The US$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. Led by the vision of UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum 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.”’
With strong air connectivity and a bustling leisure demand, Dubai continues to be the strongest trading hotel market in MENA when measured by average rates and occupancies. In October 2012, STR Global recorded average room rates of USD$476 for beachfront hotels in Jumeirah.
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.”
These extensive offerings form part of a US$616million larger luxury development that includes 562 luxury apartments bringing the total number of keys in the development to 957. Featuring an imposing and highly visible façade, Fairmont The Palm is well positioned to capitalize on its proximity to key demand generators such as Dubai Media City, Internet City and the Palm Island community.
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.”
In addition to an array of diverse food and beverage outlets, the hotel features 10 floors of rooms and suites primarily laid out in a unique dual let format with a common entry door to two rooms; enabling guests with families to enjoy shared spaces. Each guest room features a five-fixture bathroom with bathtub and separate walk-in shower and is equipped with the latest in entertainment and communication systems including high speed internet access and 40-inch interactive LED TVs.
Fairmont The Palm is the third Fairmont hotel in the IFA HR portfolio.
Jennifer Fox, President, Fairmont Hotels & Resorts said: “We are extremely excited to add Fairmont The Palm to our list of global destinations. Fairmont first partnered with IFA Hotels & Resorts in 2008 when the award-winning Fairmont Zimbali Lodge in South Africa joined our collection. Our relationship expanded further in 2010 with the opening of the Fairmont Zimbali Resort and we look forward to offering guests our award-winning hospitality at this unique location. ”
Fairmont The Palm is also set to contribute to the island’s cultural scene with arrangements underway for Sounds of Fairmont – an international music series featuring EMI artists – to take place in early 2013. Previous Sounds of Fairmont performers have included Colin James, The Barenaked Ladies, Keith Urban, Corinne Bailey Rae, Matt Nathanson and Glass Tiger.
Al-Bahar concluded: “Every necessary piece is now in place for this to be an extremely successful IFA HR development. We have one of the best hotel operators in the world in place. We have a beautiful hotel of exceptional quality. We have an idyllic location in a world-class city. And, we are coming online at a time when we are seeing robust demand in the market for properties exactly like Fairmont The Palm.”
Emirate: Dubai
Date: Jan 5, 2013
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