Latest news with #iSwiss
Arabian Post
17-06-2025
- Business
- Arabian Post
Versace-Luxury Hotel Hits Auction Block at AED 600 Million
Palazzo Versace Dubai has been listed for online auction beginning at AED 600 million, a steep reduction from its former valuation exceeding AED 1.3 billion–1.4 billion. The move follows growing financial pressure on its owner, Emirates PVD and unnamed lenders, who now appear prioritising debt reduction over maximising sale price. Built in 2015 on Dubai Creek's Culture Village waterfront, the hotel occupies a 130,000 m² site and combines 215 rooms and suites, 169 private residences and eight upscale restaurants and lounges. In spite of the distressed sale, operational performance remains solid, with occupancy and service standards reported as strong. Industry insiders suggest this listing represents a strategic correction rather than a valuation collapse. One consultant noted that the discounted entry point is more reflective of debt recovery goals than a reflection on the hotel's standing within Dubai's luxury hospitality sector. ADVERTISEMENT A prominent potential bidder is Christopher Aleo, a Swiss national of Italian descent and founder of iSwiss, a financial services group. Reports indicate he is assessing the asset through his New York-based hedge fund, possibly via a vehicle listed on the New York Stock Exchange. Emirati sources confirm other global private equity and fund players are also conducting due diligence. Aleo's interest highlights a growing trend: institutional investors using landmark properties as assets underpinning structured public investment products. In this case, the plan would marry prime real estate with equity-market liquidity and international capital. The hotel's Italian-inspired design and branding by Versace provide strategic value that could appeal to investors aiming to reinforce brand heritage while benefitting from Dubai's luxury hospitality market rebound post‑Expo 2020. If acquired, the new ownership is expected to pursue a tasteful refresh of interiors and operations, reinforcing the brand's stylistic roots while modernising guest experience. Union Properties, which facilitated the listing, has reportedly been under pressure to reduce legacy debt. Quarterly repayments in the order of Dh179 million, with another Dh159 million expected by quarter's end, signal urgency. The drop to AED 600 million signals lender willingness to accept lower returns in favour of swift resolution. Despite the owner's financial strain, management continues to emphasise that the hotel's operations and brand franchise remain unaffected. Palazzo Hospitality Services, the operator, retains management rights until 2037 and beneficial-use rights over the physical asset until 2028. With the digital auction running over a defined window, interest will be gauged not just by initial bids, but by whether the final price approaches the AED 1 billion mark or stays closer to the cut-price threshold. A sale near original valuation would indicate renewed confidence in Dubai's luxury hospitality recovery; a lower result would underline ongoing risks from debt‑related asset pressure. Analysts assert bidders must carefully balance projected income, outstanding liabilities, and required investment in repositioning.
Zawya
17-06-2025
- Business
- Zawya
Palazzo Versace Dubai up for auction: Swiss-Italian banker Christopher Aleo among potential buyers
The iconic Palazzo Versace Dubai, one of the most luxurious hotels in the United Arab Emirates, has officially been put up for auction following financial difficulties faced by its current owner. The property has been listed for online bidding with a starting price of approximately AED 600 million (around USD 163 million), a figure significantly lower than its previous valuation of over AED 1.4 billion (roughly USD 380 million). Opened in 2015 along the shores of Dubai Creek, the hotel spans 130,000 square meters and features 215 rooms and suites, 169 private residences, and 8 upscale restaurants and lounges. Despite the financial issues of its ownership, the hotel remains fully operational and continues to be one of the top choices among international luxury travelers. Its strategic location, association with the Versace brand, and consistently high standards make it a prime real estate and tourism asset in Dubai. Christopher Aleo emerges as a potential buyer Among those reportedly considering a bid is Christopher Aleo, a Swiss banker of Italian origin who has been a long-time resident of the UAE. Aleo is the founder of iSwiss, a financial group active in private banking in Switzerland and investment operations through its iSwiss Hedge Fund based in New York. He is also recognized for his involvement in global initiatives focused on sustainable finance and financial innovation. Interest channeled through global markets and Hedge Fund structures Aleo's interest in the Palazzo Versace would not be pursued directly through the Swiss banking group but rather via the iSwiss Hedge Fund. The structure under consideration involves a New York Stock Exchange-listed vehicle, which could serve as the financial platform for the acquisition. This approach would allow international capital to be raised in support of the deal, transforming the transaction from a simple real estate acquisition into a sophisticated global financial operation. The strategy reflects a growing trend in which investment funds target landmark hospitality assets via listed structures that combine tangible real estate value with financial market visibility. Restoring Italian heritage to the Versace brand Beyond the financial aspects, the potential change in ownership carries symbolic weight. Originally designed to embody the elegance and aesthetics of the Versace fashion house, the hotel could return to the hands of a buyer who shares its Italian cultural roots. Aleo's background would align closely with the brand's heritage, possibly enabling a revitalization that reinforces the connection between luxury hospitality, design, and Italian identity. Reportedly, plans under consideration include a conservative restyling of the property to enhance its original design language and upgrade its hospitality offering. The blend of Swiss financial discipline, international entrepreneurship, and Italian cultural sensibility would make Aleo's involvement particularly significant in positioning the hotel for a new era. One of the most anticipated deals of 2025 No official statements have been released so far by the hotel's current ownership, the iSwiss group, or Aleo himself. However, industry sources indicate that due diligence is underway and that multiple international stakeholders have shown serious interest. Should the deal proceed, the acquisition of the Palazzo Versace Dubai would rank among the most notable tourism and real estate transactions of 2025 in the region. The potential outcome of this deal would mark a strategic turning point for Dubai, a city that continues to strengthen its position as a global nexus of finance, luxury hospitality, and cultural prestige. For the Palazzo Versace, this could mean the start of a new chapter—guided by European leadership, global vision, and a renewed balance between heritage and innovation. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Gulf Today
26-03-2025
- Business
- Gulf Today
Christopher Aleo defends Lesotho: 'A strategic resource for Africa and the world'
Swiss-Italian financier and entrepreneur Christopher Aleo, founder and CEO of iSwiss Bank, has spoken out forcefully in defense of the Kingdom of Lesotho following controversial remarks by former US President Donald J. Trump, who recently dismissed the southern African country as 'a place nobody's ever heard of.' Aleo's response, however, was anything but dismissive. 'While I fully recognize the significant role President Trump has played in shaping global discussions, his recent statement regarding Lesotho is a misstep — both politically and strategically,' Aleo said. 'At a time when the world is looking more and more to Africa for its future, it is not only unwise but deeply short-sighted to underestimate a country like Lesotho.' Lesotho's Role in a Changing Global Landscape Often overlooked on the geopolitical map, Lesotho is a landlocked, mountainous country entirely surrounded by South Africa. Despite its modest size, it plays a disproportionately important role in southern Africa's water security, energy supply, mineral exports, and regional industrial stability. 'Lesotho provides nearly 50% of the potable water used by South Africa's industrial and residential sectors,' Aleo noted. 'Its water infrastructure is of regional significance. Its highlands are rich in diamonds and other rare minerals — many of which are vital to advanced technologies highly sought after by global powers, including the U.S. itself.' But Aleo emphasizes that Lesotho's real power lies in its human capital. 'It is a country of young people with energy, ideas, and a growing sense of agency. It's time we look at countries like Lesotho not as aid recipients, but as rising economic partners.' iSwiss Bank's Vision: Long-Term, Inclusive, Green Under Aleo's leadership, iSwiss Bank has made Lesotho a central pillar in its Africa strategy, officially launching operations in Maseru in 2024. The bank's mission is to act as both a provider of modern financial tools and as a conduit for global investment into projects with high impact and local benefit. 'Our focus is not speculative,' Aleo emphasized. 'We're here to stay. We are building systems — not just making transactions.' Key iSwiss initiatives in Lesotho include: The launch of a large-scale photovoltaic solar park, the first of its kind in southern Africa, funded entirely through an innovative energy securitization model managed by iSwiss Hedge Fund;The development of a Free Economic Zone, designed to attract international investors through favorable regulatory frameworks and infrastructure;Investments in the textile sector, one of Lesotho's most dynamic industries, with a goal of enhancing value-added production and boosting job creation;Support for diamond sector modernization, including in-country cutting and polishing facilities to retain more wealth locally. In addition to economic initiatives, iSwiss is also focusing on financial inclusion and youth empowerment by partnering with universities, incubators, and NGOs to deliver training, access to capital, and microcredit services for young entrepreneurs. Cooperation with Leadership and Institutional Reform Aleo also enjoys a close working relationship with Lesotho's President, Sam Matekane, whom he describes as 'a visionary and reform-minded leader with a pragmatic approach to growth.' 'The government of Lesotho has shown that it's serious about becoming a modern, connected economy,' Aleo said. 'They're not just asking for help; they're building the conditions for partnerships.' The Free Economic Zone initiative is seen as one of the most ambitious projects in the country's recent history, and could serve as a blueprint for other African nations seeking to attract private capital while preserving national sovereignty. Already, neighboring countries have begun inquiring about the iSwiss model, according to Aleo. Changing the Narrative on Africa Beyond the specifics of Trump's comments, Aleo believes the real issue is how Africa is still perceived by many global leaders and institutions. 'For too long, the continent has been cast either as a place of need or a resource to be extracted. That binary thinking is obsolete. Africa is diverse, dynamic, and essential to solving global challenges — from climate resilience to food security and energy.' He calls for a reorientation of international business mindsets: 'Africa is not just the next market; it is already shaping the next phase of globalization. Ignoring that is not just disrespectful — it's a strategic mistake.' Looking Ahead As part of iSwiss Bank's long-term plan, Aleo intends to double the group's operational presence in Lesotho by the end of 2025, expand into new sectors including agritech and logistics, and continue building bridges between African innovation and European capital. 'Investing in Lesotho today means investing in a future of cooperation, resilience, and shared prosperity,' Aleo concluded. 'We're proud to be part of this journey, and we invite others — from the public and private sectors alike — to do the same.'
Khaleej Times
19-02-2025
- Business
- Khaleej Times
Christopher Aleo and the fintech challenge: iSwiss Bank brings digital banking to the Emirates
European accounts and instant payments for businesses and professionals in Dubai and Beyond Companies based in Dubai and the UAE will soon have access to an innovative financial solution thanks to the expansion of iSwiss Bank, the international fintech group led by Christopher Aleo. The institution has announced the introduction of a service that will allow local businesses to open bank accounts in Europe with just a few clicks, entirely online and without the need to visit a physical bank. This new digital banking model will streamline money transfers, making them faster and more accessible, in line with the company's strategic vision. Christopher Aleo, CEO and founder of iSwiss, emphasised that this innovation represents a crucial step in modernising banking services for businesses in the region. "We strongly believe in digitalisation and the need to offer fast, secure, and global financial tools. Our expansion into the UAE aims to provide local businesses with immediate access to European financial networks, eliminating the complexities typically associated with international transfers." The new iSwiss Pay service will allow Emirati businesses to obtain a European IBAN, making transactions in euros with suppliers, clients, and commercial partners within the European Union more efficient. The system is integrated with the SEPA Direct network, enabling instant and low-cost transfers. Account opening will be entirely online, with digital verification procedures ensuring a seamless and quick process. The iSwiss initiative enters a rapidly growing market, marked by the increasing adoption of fintech solutions for corporate financial management. The Swiss company, already a leader in the securitisation sector with transactions exceeding €21 billion between 2024 and 2025, has chosen Dubai as the starting point to strengthen its presence in the Gulf and offer high-value digital banking services. According to Aleo, this expansion is just the beginning of a broader plan to position iSwiss as a global bank, capable of supporting not only businesses and individuals but also financial institutions seeking Banking as a Service (BaaS) solutions. Beyond speed and efficiency, iSwiss Bank prioritises security. The group's banking infrastructure complies with stringent European regulations, ensuring a high level of fund and data protection. Businesses will be able to operate in a regulated environment, benefiting from a stable and reliable banking system. The vision of making digital banking globally accessible has been a core objective for Aleo since iSwiss was founded. "We don't just want to offer a payment service; we aim to create an innovative banking infrastructure capable of connecting emerging economies with the world's leading financial markets. Dubai is the ideal place to launch this initiative, given its central role in global trade and the openness of its financial ecosystem to new technologies." The entry of iSwiss Bank into the Emirati market represents both an ambitious challenge and a major opportunity. The fintech company will have to compete with well-established players in the sector, but its highly technological approach and extensive experience in managing global financial transactions could provide a strategic advantage. If the expansion plan succeeds, iSwiss Bank could emerge as a key player for businesses needing global digital banking solutions, establishing itself as an essential partner for international trade. The digital transformation of finance is underway, and with iSwiss entering the corporate digital banking market, the future of global payments could become even faster, safer, and more efficient.
