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Arabian Post
17-06-2025
- Arabian Post
Palazzo Versace Dubai Heads to Auction with Dramatic Price Cut
Dubai's iconic Palazzo Versace Hotel is being offered at auction with an opening bid of approximately $163 million, a sharp reduction from its last estimated value above $380 million, signalling a major shift in the fortunes of the luxury hospitality landmark. A Swiss‑Italian financier, Christopher Aleo, is among a select group of potential buyers believed to be evaluating the purchase as online bidding gets underway. Union Properties, the Dubai‑based developer responsible for listing the property, confirmed that the hotel will be sold through a digital auction platform. Attracting bidders globally, the online sale marks the latest attempt by the firm to ease its heavy debt burden, which follows confirmed repayments of Dh179 million in the first quarter and a further Dh159 million expected before the end of June. Christopher Aleo, identified as a Swiss national of Italian descent and a longstanding resident in the UAE, has emerged as a key prospective buyer. Industry insiders report that Aleo, known for managing high‑value portfolios in the region, is closely evaluating the asset's hospitality credentials and return prospects. Other potential interest is said to include investment funds and private equity groups, though no official list of bidders has been disclosed. ADVERTISEMENT Palazzo Versace opened in Dubai's Al Jaddaf district in 2015, instantly drawing attention for its ornate Neoclassical architecture and décor by the Versace fashion house. With 215 rooms, several high-end restaurants, a spa and indoor pool, the hotel quickly became a premier luxury destination. Operators have maintained that performance metrics remain strong, despite the auction listing being necessary to manage owner liabilities. Analysts say the new starting price presents a significant opportunity to acquire a high‑profile asset at less than half of its assessed worth. 'This is a distressed‑asset play aligned with strategic debt deleveraging, rather than a reflection on operational viability,' said one Dubai real estate consultant briefing Gulf News executives. Market watchers will closely monitor whether the final sale price climbs closer to its original valuation or settles nearer the floor. Discussions among financial commentators suggest that the property's position in Al Jaddaf and its brand association with Versace offer intrinsic appeal for portfolio expansion. Dubai's hospitality market has witnessed robust tourist inflows in the wake of Expo 2020, highlighting ongoing demand for experiential luxury. Occupancy rates across premium hotels, including Palazzo Versace, remain above pre‑pandemic levels, with leisure and business travel continuing to underpin growth. Still, caution prevails. The global economic backdrop, featuring elevated interest rates and tightening monetary policies, poses risks to leveraged investors. In the local market, Union Properties' aggressive debt repayment activity—more than Dh730 million in bank charges during 2024—underscores broader stress in the regional real‑estate sector. A successful bid must, therefore, balance operational upside against financial exposure. Financial observers note that the $163 million start price effectively benchmarks the valuation of the asset at roughly Dh600 million. At that level, the hotel's existing EBITDA and projected future cash flows could justify acquisition for mature investors seeking longer‑term value realisation. Early bidders are expected to scrutinise actual revenue trends and any outstanding contractual obligations tied to the site and brand licence. ADVERTISEMENT Expert sources familiar with the process suggest Union Properties is targeting a swift divestment timeline, potentially concluding the sale within the quarter provided bidding activity meets expectations. The developer's broader strategy appears focused on capital recycling, reducing non‑core holdings and concentrating on core property development initiatives. Should Aleo or other entities submit competitive offers, the outcome will be seen as a high‑stakes test of investor appetite for luxury hospitality assets in key Arab Gulf markets. A sale price closer to the original valuation would signal renewed confidence in Dubai's upscale segment. Conversely, a lower‑priced transaction may underscore lingering valuation recalibration across the region. The unfolding auction has already sparked commentary among regional hospitality analysts, with one noting: 'This is less a fire‑sale and more a market correction—Al Jaddaf remains a coveted precinct, and the Versace brand retains international cachet.' However, another consultant warned: 'Potential overexposure to debt could deter serious bidders unless the asset's income stream is fully de‑leveraged.' Union Properties' financial communications team confirmed the process is being conducted via a designated online portal, with qualified potential purchasers able to register to bid. Details around bid submission deadlines, due diligence arrangements and any minimum increase increments were not disclosed.
What's On
07-05-2025
- What's On
Get flights included with this Dubai hotel offer
These hotel offers in Dubai get better and better… Here's a example of Dubai hotel offers you don't see every day, Palazzo Versace Dubai are offering a getaway like no other, with a guaranteed return flight voucher to any destination… Yep, you heard that right. The Stay & Fly package offers guests a lavish getaway complete with dining, spa perks, and a guaranteed return flight voucher to a destination of their choice. Available for a minimum two-night stay, booked directly through the hotel, guests will enjoy accommodation in a Versace-designed room or suite, delicious, daily breakfast at Giardino, and an elegant afternoon tea for two at Mosaico Lounge, plus 20 per cent off food and beverages in the hotel. To elevate the experience further, guests can also enjoy 20 per cent off The SPA, 20 per cent off floral arrangements from The FLOWER SHOP. Upon checkout, guests will receive their return flight voucher, ensuring their experience continues even after their stay is complete. Rates start from Dhs1,750 per night from June to September for this summer offer. This has to be one of the most lavish Dubai hotel offers we have ever seen Palazzo Versace Dubai, Al Jaddaf, from Dhs1,1750, @palazzoversacedubai > Sign up for FREE to get exclusive updates that you are interested in
Gulf Today
12-04-2025
- Gulf Today
Miuccia Prada's path from activist to top designer
As a student in the volatile May of 1968, Miuccia Prada took to the streets of Milan to demonstrate for women's rights wearing an Yves Saint Laurent suit. Today, the 76-year-old reigns over a luxury goods empire worth more than five billion euros ($5.4 billion) a year, with her world about to expand further with the takeover of flamboyant rival Versace. An avant-garde designer whose minimalist style belies its rebellious nature, Prada has imprinted her elegant and intellectual sensibility on the world of Italian fashion for decades. As a young woman she wanted to become involved in politics, and took courses in mime and theatre. But she shelved those dreams in the early 1970s to devote herself, along with her mother Luisa, to the leather goods boutique founded in 1913 by her grandfather, Mario Prada. A general view shows the Versace store in New York. AP "In the 1970s, as a left-wing woman, I was ashamed to make handbags, and I was also ashamed because it was a profession that I liked very much," she said in 2022. Born in Milan on May 10, 1948, into a bourgeois Catholic family, Prada has become one of the wealthiest and most influential women in the world, with a fortune estimated by Forbes magazine at 5.8 billion dollars. A political science graduate and feminist activist who frequented Communist circles, she eventually devoted herself body and soul to turning around the family business, which had lost its lustre after the death of her grandfather in 1958. A monster of ambition In 1977, Prada found a perfect partner in Patrizio Bertelli, a Tuscan leather manufacturer she met at the Milan leather goods fair. A bag with the Versace logo is displayed at Versace store in New York. AP He helped her boost the finances of the boutique, over which she took control in 1978. Nine years later, the business partners married. "He was the one who wanted to do something big. I told him I wasn't ambitious. He replied: 'You're a monster of ambition'. He was right," she said. It was the starting point for Prada's irresistible rise. In the early 1980s, the designer broke new ground by creating a collection of black nylon bags with a silky effect, which became all the rage. She would go on 40 years later to champion nylon thread made from recycled plastic recovered from the oceans. The brand began growing, with boutiques springing up first in New York and Madrid, then London, Paris and Tokyo. Ironically, her first women's ready-to-wear show in Milan in 1988, all in black and white, was not well received, with critics considering it too austere. But her minimalist luxury, with its clean lines and somber colours, eventually made its mark, winning over an international audience. Breaking the codes Federica Trotta Mureau, editor-in-chief of the Italian magazine Mia Le Journal, told AFP that in tapping her fascination with art, architecture and philosophy, Prada "created a free universe, a sort of experiment without rules... aimed at breaking the codes of fashion". Prada says she has long worn vintage garments, while speaking out against fast fashion, where quick production cycles churn out low-priced items that are often soon disposed of. Shoes with the Versace logo is displayed at Versace store in New York. AP Her signature garment has always been the skirt, with its infinite variations. Prada refuses to see women as "just beautiful figures": "I don't tend to make super sexy clothes. I try to be creative in a way that can be worn, that can be useful." A men's collection was rolled out in 1993, the same year that saw the launch of the Miu Miu brand appealing to younger customers -- and borrowing the designer's nickname. Sales of Miu Miu doubled in 2024, enabling Prada to weather the global luxury crisis unscathed. Agence France-Presse
