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India.com
20-06-2025
- Business
- India.com
Palazzo Versace Dubai is being acquired by iSwiss Hedge Fund among other bidders
The Palazzo Versace, under forced liquidation because of financial issues, had attracted the interest of an Italo-Swiss financier Christopher Aleo. The deal might take shape by the late part of 2025. Behind closed doors and in advanced stages, the negotiations concerning the acquisition of Palazzo Versace Dubai, one of the most iconic hospitality spaces in the emirate, are underway. The key player involved in discussions is reported to be the iSwiss Hedge Fund under the leadership of the Swiss Italian banker Christopher Aleo, who seems to be conducting due diligence on the property for a potential acquisition. Opposite the scarce reports about it, the five-star hotel incorporates the Italian neoclassical design style with the finest Arabian-inspired touches. In somewhat of a forced sale, the property was put up for auction early 2024 after liquidity issues arose for the current owners. The bargain starts at AED 600 million (approximately USD 163 million), which is a huge dent from the previous valuation of AED 1.4 billion. Even during the sale process, Palazzo Versace Dubai remained fully operational. The hotel is situated at Jeddaf Waterfront and was established in 2015 with 215 rooms and suites, 169 branded residences, and eight culinary outlets serving world-class gastronomy. Every inch inside is designed by the Versace fashion house, which endlessly fascinates the clientele, dignitaries, and celebrities alike who have a penchant for the intersection between fashion and hospitality. According to rumors, Aleo's investment vehicle is looking to acquire it in a structured transaction through an NYSE listed vehicle that would essentially bring the asset into a registered and institutional framework. A very unorthodox manner in the Gulf means to align luxury real estate with capital market dynamics. Aleo's interest, conversely, may be more symbolic than financial. A man of Italian descent who has long lived in Dubai, Aleo intends to 'bring home' the spirit of Italian design as an acknowledgment to the original design theme of the hotel while simultaneously establishing completely new standards in the governance and management of this asset on a long-term basis. Preliminary plans would include some level of renovation of the asset for reconditioning purposes, keeping in view a strong visual identity that will not be compromised in any way. Aleo has risen to fame as the founder of iSwiss Bank, a name synonymous with a financial group operating in Europe, the Middle East, and North America. His transaction would likely be guided by his background in sustainable finance and alternative investment structures for the Dubai property. Neither Aleo's camp nor the present ownership have issued a public statement, but several sources confirm the due diligence is in the late stages and, barring any unforeseen complications, is expected to close before 2025. If this succeeds, the deal will signify a radical change not only in ownership but in advancing a new era for one of the world's architecturally and culturally fascinating hotels in Dubai, hence also demonstrating the burgeoning trend in global finance where luxury hospitality assets are assembled into internationally administered diversified investment portfolios. The fate of Palazzo Versace will put the spotlight on heritage, branding, and capital battlefronts in the modern economy as Dubai strengthens its position for tourism and finance worldwide. (Disclaimer: This article is from the Brand Desk. User discretion is advised.)
Saudi Gazette
16-06-2025
- Business
- Saudi Gazette
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.
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.'
