The next-tallest hotel structure in the world, the 365-meter-tall Ciel Tower in Dubai Marina, won’t be built for another year. The first visitors will then start to check into their accommodations.
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.
The Ciel, a hotel created by London-based architect NORR, has more than 1,000 rooms, an observation deck made of glass on the 81st level, and a unique rooftop Sky Terrace with an Infinity pool, to name just a few amenities. hurriedly completing construction Construction is proceeding as planned, and the project will be completed 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.
Some of Dubai’s most luxurious hotel establishments may be found at Dubai Marina, including the Habtoor Grand Resort, Address Dubai Marina, and Wyndham Dubai Marina. As evidenced by the first half of this year, Dubai Marina typically beats the citywide average for hotel occupancies and revenues, according to Burns. For instance, the Dubai Marina announced the city’s highest average occupancy rate of 93% and RevPAR of Dh 1,107 in March (coinciding with the end of Expo 2020 Dubai).
“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 Dh1 million plus?
They may end up being among the most prestigious investment options in the Dubai Marina neighborhood because the developer plans to sell hotel rooms. At fact, studios in Ciel apartments are now available for sale, with beginning bids of Dh1.3 million and higher. The “world record,” the close proximity to the Dubai Marina, and the possibility that hotels and other amenities will be in high demand in Dubai over the long term all contribute to the justification of the premium.
However, a representative for The First Group asserted: “I can assure that Ciel will be a fully-operated hotel and that no serviced flats would be there. Although we haven’t made a final decision, interest is considerable in running it. We will address the private property (listings) you noticed because, as a firm, we never post our prices online.
advantages of hotel investing
According to the consultant JLL’s Q2-2022 UAE real estate market report, occupancy rates in Dubai’s hotel sector surged by 75%, particularly as a result of luxury resorts and beachfront locations.
Investors will also have access to Ciel’s hotel rooms. They can purchase “fractional” ownership or individual rooms. According to the developer, “The First Group offers investment options for its completely operated and managed hotel assets, skilled asset managers’ guidance, and assistance, ensuring each property is best positioned to maximize occupancy rates, room rates, and profitability for its investors.”
One of the extra incentives for investors is Dubai Lifestyle Elite Membership, a multi-tiered membership program based on the size of the investment. This membership offers up to five trips to Dubai annually, as well as free hotel room upgrades, entry to beach clubs, food discounts, and a dedicated travel concierge.