Palazzo Versace Dubai is a luxurious hotel located in the heart of Dubai, United Arab Emirates. The hotel is renowned for its opulence and grandeur, and it’s a popular destination for tourists and locals alike.
But have you ever wondered how much it cost to build this magnificent structure? Let’s delve deeper into the details.
The Overview
Palazzo Versace Dubai is a joint venture between Australian fashion house Versace and Emirates International Holdings (a subsidiary of Emirates Group). The hotel was designed by Italian designer Donatella Versace, and it opened its doors in 2015. The hotel has 215 luxurious rooms and suites, 8 restaurants, 3 outdoor pools, a spa, and many other amenities.
The Cost of Construction
The cost of constructing Palazzo Versace Dubai was estimated to be around AED 2.3 billion (approximately USD 630 million). This amount includes the cost of land acquisition, design, materials, labor, and other expenses related to construction.
Land Acquisition
The total land area for Palazzo Versace Dubai is approximately 130,000 square meters. The land was acquired by Emirates International Holdings from Dubai Properties Group for AED 363 million (approximately USD 99 million).
Design and Materials
The design of the hotel was inspired by Neoclassical architecture and features intricate details such as gold leafing, hand-cut mosaic tiles, and custom-made furnishings. The materials used in the construction include Italian marble, handcrafted mosaics from Italy’s Sicis company, and custom-made furniture from Versace Home Collection.
Labor Costs
The labor costs for constructing Palazzo Versace Dubai were significant due to the high level of craftsmanship required for the intricate design elements. The construction work was carried out by UAE-based contractor Arabtec Construction LLC, and it employed over 4,000 workers.
Other Expenses
Other expenses related to the construction of Palazzo Versace Dubai include legal fees, permits, insurance, and other miscellaneous costs. The hotel also features a collection of artwork from internationally renowned artists, which adds to the overall cost of the project.
The Bottom Line
In conclusion, the cost of constructing Palazzo Versace Dubai was estimated to be around AED 2. This amount reflects the high level of luxury and craftsmanship that is evident in every aspect of the hotel’s design and amenities. Despite its high cost, Palazzo Versace Dubai remains one of the most popular destinations for tourists seeking a luxurious and opulent experience in Dubai.