Dubai master developer Nakheel has signed a management agreement with the Starwood Hotels & Resorts Worldwide to operate a new St. Regis in Dubai.
Set to open in 2018, The St. Regis Dubai - The Palm will be a part of Palm Tower, Nakheel’s 52-storey luxury mixed-use development and the centrepiece of Dubai’s Palm Jumeirah island.
The St Regis Dubai - The Palm will offer 289 guest rooms, including 23suites, occupying the first 18 floors of The Palm Tower, while the upper floors will comprise 504 luxury apartments.
The hotel will feature two swimming pools, including the one of the world’s highest infinity pools. Located on the 50th floor, some 210m above ground, the pool will border all four sides of the building, offering 360 degree views of Palm Jumeirah, Arabian Gulf and Dubai skyline.
The hotel will offer various dining experiences including a signature restaurant with city views located on the 51st level, a St. Regis Beach Club and an all-day restaurant.
The hotel will also feature a public rooftop viewing deck on the 52nd floor. Located adjacent to the luxury Nakheel Mall and Al Ittihad Park, the hotel will also offer beach access to guests.
"Our project structure works is 73 per cent complete as at the end of third quarter, up from 57 per cent in the second quarter. "
Construction at the Dubai Parks and Resorts, the region's first integrated theme park resort remains on track, and the mega tourist project is now less than 12 months away from the official opening as total spending on the project reaches Dh4.8 billion.
Raed Al Nuami, CEO of Dubai Parks and Resort, said the project has reached a critical milestone with construction of the individual parks progressing rapidly, you can now truly begin to appreciate the size and diversity of offerings at our resort.
"Our project structure works is 73 per cent complete as at the end of third quarter, up from 57 per cent in the second quarter. We have neared completion of design and procurement and our ride engineering and manufacturing is progressing as planned with 63 percent now complete," he added.
Dubai's Emaar Properties, builder of the world's tallest tower, reported a 31 percent rise in third-quarter net profit on Sunday as revenue surged by an even faster rate.
The developer, in which Dubai's government owns a minority stake, made a net profit of AED843 million ($229.5 million) in the three months to September 30, Emaar said in a statement. That compares with a profit of AED645 million in the year-earlier period, it said.
Emaar's third-quarter profit fell below a forecast by EFG Hermes which had estimated it would be AED1.02 billion.
Third quarter revenues were AED3.3 billion ($898 million), up by 56 percent from the same period of last year.
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