Luxury resort on Dubai’s Palm Islands close to selling for $280 million

Anantara The Palm Dubai, a luxurious resort on one of the citys famous artificial tree-shaped islands, is close to being sold for 1.1 billion dirhams ($280 million), according to people familiar with the matter..

The hotels owner, United Arab Emirates-based developer Seven Tides, is working with Grant Thornton LLP on the potential sale, the people said, asking not to be identified as the talks are private..

The Anantara resort boasts 400 meters (1,312 feet) of private beach overlooking the Arabian Sea and a series of waterways in between almost 300 rooms and villas..

Beach properties performance improved very rapidly after the pandemic and thats driving considerable interest in the few hotels available to investors, Taimur Khan, CBREs head of research, said in an interview..

Investors expect that Dubais visitor numbers could rise even further as they still havent returned to 2019 levels, he said.. There is very little supply coming into the market within the top segment, Khan said..

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