Palazzo Versace Dubai has been put on auction, with the minimum bid price set at USD 9 billion. Bid submissions for the property, located in the city’s Al Jaddaf area, will be open for just over 3 days, according to the auction details.
According to hotel industry sources, the Palazzo Versace had been hitting some fairly decent occupancy rates in recent months, helped, of course, by Dubai continuing to exert its influence as one of the most visited destinations in the world.
One of most visible auctions of the recent past was the sale of the unfinished ‘Pentominium’ in Dubai Marina for $100 million. It was bought by the luxury developer, Select Group, who will now take the project to its completion as a ‘Six Senses‘ brand.
“Palazzo Versace Dubai will be an exceptional fit into any investor’s portfolio,” said a hotel operator. “All that needs to be seen is what price a new buyer will get into.”
