If money talks, investors are saying they aren’t that interested in hotels as much anymore. Can you blame them?
As Dubai cruises past the 800 hotel mark, it seems branded residencesare the next big opportunity for operators in Dubai.
The numbers in the segment are impressive. A Baccarat-branded penthouse in Downtown went for US$55m in April 2023, with the buyer wooed by renders alone. The project is still three years away from completion.
In May, hotel group Jumeirah snatched headlines for the sale of a US$114 penthouse at the upcoming Jumeirah Marsa Al Arab hotel.
Over at the Marriott-operated Bulgari, its residences are so popular, that a second, entirely residental skyscraper is being built next door.