News for the Hospitality Executive
.Al Fahim Group Signs Barry
Sternlicht's Starwood Capital Group to Develop a
USD 680 million Baccarat Hotel and Residences at Dubai Pearl
DUBAI, United Arab Emirates-- - July 21, 2008 - Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim Group, today announced it has signed an agreement with US-based Starwood Capital Group to develop a AED2.5 billion (USD 680 million) Baccarat Hotel and Residences at Dubai Pearl.
The signing ceremony took place in the presence of Abdul Majeed Al Fahim, Chairman of Pearl Dubai, and Barry Sternlicht, Chairman, Starwood Capital Group.
Scheduled for completion in 2011, the AED1.5 billion (USD 408 million)
Baccarat Hotel will cover an area of 500,000 sq. feet and boast 342-rooms.
The AED 1 billion (USD 272 million) Baccarat Residences, featuring elegantly
designed apartments over 300,000 sq. feet area, will also bear the inimitable
stamp of the Baccarat brand within its aesthetically crafted interiors.
A Baccarat style boutique featuring top tier global brands will additionally
define the luxury component of the development.
Abdul Majeed Al Fahim said: “Dubai Pearl’s partnership with Starwood Capital Group is in line with our long-term strategy to develop a diversified portfolio of world-class real estate projects that focus on offering a rich experience to our patrons. Dubai Pearl represents a landmark destination incorporating a quality urban lifestyle. Complementing this stature, the Baccarat Hotel and Residences will reflect the brand’s singular blend of art and glamour and enhance the dynamics of the local environment.”
He added: “Our partnership with Starwood Capital Group is an ambitious collaboration, but one that is backed by the enthusiasm and passion of two partners with a like-minded commitment for innovation and excellence.”
Mandated to fashion the interiors of the Baccarat Hotel and Residences, the renowned French brand will bring to the development its unique and exclusive interpretation of sophisticated Parisian chic and contemporary elegance.
Barry Sternlicht said: “Baccarat Hotels and Resorts will personify the pride and impeccable attention to detail that has made Baccarat one of the world’s select few names that define and shape luxury.
“For centuries Baccarat has built a reputation of providing elegant luxury products offering unparalleled beauty and flawless brilliance, and now we are thrilled to have the opportunity to craft these same elements in a prestigious destination such as Dubai Pearl.”
With a lineage of more than 250 years, Baccarat has been synonymous with luxury, hand-crafted quality and the unending pursuit of perfection. The first announced Baccarat Hotel project will open in 2010 at Wailea in Hawaii. Baccarat is scheduled to roll out several other developments in the Caribbean, Europe and the Far East.
With a built-up area of more than 15 million sq. feet, Dubai Pearl will combine an active business district with a quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.
The residential component of the project will include sky palaces with private pools and gardens, sky penthouses, luxury branded apartments and condominiums. It will also feature tower and boutique offices and renowned hotel brands. Contributing to the growing cultural calendar within the emirate, Dubai Pearl will boast a 2000 seat state-of-the-art theatre, a luxury fashion precinct within a premier shopping mall, as well as cinemas and gourmet restaurants.
*Source: ME-NewsWire on behalf of Dubai Pearl
Dubai Pearl is a US$4 billion world class, mixed-use development by Pearl Dubai FZ LLC. Located opposite the Palm Jumeirah in the heart of the Dubai Technology and Media Free Zone, a state-of-the-art business cluster operated by TECOM and home to global IT and media companies.
Dubai Pearl is a landmark destination offering spectacular views of the Dubai coast. The development will redefine the pulse of new Dubai providing a 24-hour living city with commercial, retail, residential and leisure facilities. Designed with people in mind to create an all year round walkable environment, the Dubai Pearl will service the Dubai Technology and Media Free Zone and its communities.
Set for completion at the end of 2010, Dubai Pearl’s prime location will offer an unparalleled combination of free-hold in the convenience of a freezone with luxury, energy efficient sustainability and state-of-the-art technology.
Starwood Capital Group
Starwood Capital Group has been a leader in real estate investments since 1991. Its international investor base includes some of the United States' largest state and corporate pension funds, endowments and foundations and high-net worth families from around the world. During the past fifteen years, Starwood Capital and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value. Starwood has closed and/or advised on over 215 transactions ranging in size from $1 million to $14.6 billion, and has acquired equity interests in residential and multifamily, hotels, office, retail and industrial space, golf and leisure-related properties.
Starwood's most recent transactions include the $3.2 billion acquisition of Groupe Taittinger and Societe du Louvre, Europe's second largest hotel network with a unique collection of 14 luxury hotels in Europe, including France and Switzerland, in addition to managing over 800 budget hotels throughout Europe plus the approximately $1 billion acquisition of 32 Le Meridien luxury, four/five star hotels located primarily across Europe but also in North America, Africa and South America. Starwood has led the formation and growth of several market leading companies including iStar Financial, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide, a leading global owner/operator of hotels, with ownership of brands such as Sheraton, Westin, The St. Regis Luxury Collection and the "W"; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S. Starwood Capital Group no longer owns an equity stake in either iStar Financial or Starwood Hotels.
|Also See:||Barry Sternlicht's Starwood Capital Group Conceives Third Hotel Brand; Baccarat Hotels and Resorts Joins Crillon and 1 Hotels & Resorts / July 2007|
|Flag Luxury Properties Names Starwood Capital Group's Baccarat Hotels and Residences to Operate its 114 key Hotel on the island of Anguilla, British West Indies / January 2008|
|Barry Sternlicht's Privately Held Starwood Capital Group Planning a Luxury Hotel Brand Called the Crillon; The Crillon's Flagship is the Hotel de Crillon in Paris / January 2006|