Palazzo Versace is a luxurious hotel located in the heart of Dubai, known for its grandeur and opulence. It is a masterful creation that blends Italian craftsmanship with Arabic architecture.
The hotel boasts 215 intricately designed rooms and suites, 8 restaurants, a spa, and a private beach. But how much did it cost to build this magnificent piece of architecture? Let’s find out.
The Palazzo Versace was built by Emirates Sunland Group, a joint venture between Emirates International Holdings and Australian property developer Sunland Group. The project was initiated in 2006 and took almost six years to complete. The total cost of the project was approximately $626 million.
The Cost Breakdown
- Land Cost: The land for Palazzo Versace was purchased for $60 million.
- Construction Cost: The construction cost of the hotel was around $460 million.
- Furniture and Fittings: The furniture and fittings used in the hotel were imported from Italy at an estimated cost of $70 million.
- Other Costs: Other costs included licensing fees, marketing expenses, and consultant fees which amounted to approximately $36 million.
The Design
The Palazzo Versace was designed by renowned architect Paul Steelman in collaboration with Italian fashion house Versace. The design reflects the opulent style of both Arabic and Italian culture with intricate mosaic patterns, handcrafted furniture pieces, and luxurious marble finishes.
The Location
The Palazzo Versace is located on Dubai Creek, which is one of the most sought-after locations in Dubai. It is situated near several popular tourist attractions such as Burj Khalifa, Dubai Mall, and Dubai Festival City.
The Amenities
The hotel boasts a range of luxurious amenities such as an infinity pool, a private beach, a spa, and several fine-dining restaurants. The rooms and suites are designed to provide guests with ultimate comfort and luxury.
The Bottom Line
The Palazzo Versace is undoubtedly one of the most luxurious hotels in Dubai. The high cost of construction reflects the level of detail and craftsmanship that went into creating this masterpiece. It is truly an architectural marvel that stands as a testament to the grandeur and opulence that Dubai is known for.
In conclusion, the Palazzo Versace was built at a cost of approximately $626 million, with the majority of the cost going towards construction and importing furniture and fittings from Italy. The hotel’s design reflects the luxurious style of both Arabic and Italian cultures, while its location on Dubai Creek provides guests with stunning views and easy access to popular tourist attractions.