In a year’s time, Dubai will have the world’s tallest hotel tower
The 365-meter-tall Ciel Tower in Dubai Marina, which will be the next-tallest hotel building in the world, won’t be finished for another year. After that, the first guests will begin to occupy their rooms.
With the Ciel replacing the Gevora Hotel, which is 356 metres high and situated on Sheikh Zayed Road, as the “tallest hotel tower in the world,” not much has changed for Dubai itself.
“We are actively marketing the project to international investors but will expand our programme to consumer markets in 2023 to ramp up excitement ahead of the hotel’s official opening” – Rob Burns, CEO of The First group, which is the developer of Ciel
More than 1,000 rooms, a glass observation deck on the 81st level, and a distinctive rooftop Sky Terrace with an Infinity pool are just a few of the features of the Ciel, a hotel designed by London-based architect NORR. rushing through construction According to the plan, construction is moving forward, and the project will be finished in the fourth quarter of 2023. China Railway Construction Corporation, the second-largest construction and engineering corporation in the world by revenue, is the First Group’s main development partner. During the worst of the Covid delays, the project advanced significantly, passing crucial checkpoints on the deadline.
Location benefits
Dubai Marina houses some of the finest hotel properties in Dubai, including Habtoor Grand Resort, Address Dubai Marina, and Wyndham Dubai Marina. Burns said, “Dubai Marina consistently outperforms the citywide average for hotel occupancies and revenues, as seen in this year’s first half. In March, for example (coinciding with the close of Expo 2020 Dubai), the Dubai Marina reported the city’s highest average occupancy rate of 93 per cent and RevPAR of Dh 1,107, as per STR data.
“Given the area’s stellar operational performance, we are highly confident Ciel Tower will be extremely well received by the market when it opens in 2024, given its profile, global buzz and an unrivalled mix of a unique lifestyle, leisure and F&B facilities.”
Studios for Dh1m plus?
Since the developer intends to sell hotel rooms, they might end up being among the most exclusive investment opportunities in the Dubai Marina neighbourhood. In fact, studios in Ciel apartments are already listed in a number of real estate listings with prices starting at Dh1.3 million and above. The “world record,” the proximity to the Dubai Marina, and the likelihood of long-term demand for hotels and other amenities in Dubai all serve to justify the premium.
But a spokesperson of The First Group said: “I can confirm that Ciel will be a fully-operated hotel and there will not be any serviced apartments. We have not made a final decision on who will be operating it, but the interest I high. We never publish our prices online as a company, (and) so will be addressing what you saw of private property (listings).”
Hotel investment perks
In Dubai’s hotel industry, occupancy rates increased by 75%, primarily due to luxury resorts and waterfront locations, according to the consultant JLL’s Q2-2022 UAE real estate market study.
The hotel rooms of Ciel will also be open to investors. They have the option to purchase individual rooms or “fractional” ownership. “The First Group offers investment opportunities for its entirely operated and managed hotel properties, expert asset managers’ advice, and support, ensuring each property is optimally positioned to maximise occupancy rates, room rates and profits for its investors,” according to the developer.
Dubai Lifestyle Elite Membership, a multi-tiered membership programme based on the value of the investment, is one of the additional benefits for investors. Up to five annual trips to Dubai are included in this membership, along with choices for free hotel room upgrades, access to beach clubs, food specials, and a personal travel concierge.
