Dubai’s luxurious island resort close to being sold for Dhs1.1 billion

Gulf Today, Staff Reporter

Real estate developer Seven Tides is close to selling Anantara The Palm Dubai, a luxury resort located on the city's famous Palm tree-shaped man-made island, for Dhs1.1 billion ($280 million), according to sources quoted by Bloomberg.

The sources, who declined to be identified, said that the owner of the resort, Seven Tides, has appointed Grant Thornton as a consultant for the potential sale.

Featuring a 400-metre (1,312-foot) private beach overlooking the Arabian Sea and a series of waterways, Anantara Resort features 300 rooms and villas.

The Anantara The Palm Dubai Residences are designed with relaxation in mind. In addition to access to the resort’s private beach and the 10,000sqm temperature controlled lagoon swimming pools, residents can use the wide variety of leisure facilities the resort has to offer, including the fully-equipped state-of-the-art gym, tennis courts and children’s play areas.

The talks come amid a tourism boom in Dubai that began with the city's emergence as a safe haven during the Covid pandemic, and has since attracted scores of wealthy expatriates and tourists. Average hotel occupancy rates in the emirate were around 83% during the year to March.