Dubai's Next Luxury Megahotel Is 'Heavily Behind Schedule' As Funding Dries Up


Photo: Courtesy of Palazzo Versace

UPDATE: The Palazzo submits this statement:

Emirates Sunland, the developer of Palazzo Versace Dubai would like to advise that  the article that appeared in Arabian Business and the subsequent article in Business  Insider, contains information that is factually incorrect, misleading, unauthorised and  damaging to the project, and its related parties.  Palazzo Versace Dubai is now 80% complete. Construction is continuing and has  at no point stopped. As is the nature of the construction industry amendments have  been made to the proposed build schedule however, no funding for Palazzo Versace  Dubai has been blocked, and the finance syndicate continues to support the project’s  delivery.  The article quotes Ms Shapedko, on behalf of Better Homes, as follows “Based on  our available information, the Palazzo Versace is heavily behind schedule… What we  hear is that project funding is blocked [and] completion dates have been postponed,”  Emirates Sunland has afforded Better Homes the opportunity to retract the  inaccurate statement provided by Ms Shapedko, and is considering the legal  implications and redress available under local UAE laws.

EARLIER: Recently we heard that Palazzo Versace Dubai would open in October, after two years of delays. It sounded for a moment like the Dubai dream was back.

Not so fast.

A local realtor warns that “the Palazzo Versace is heavily behind schedule… What we hear is that project funding is blocked [and] completion dates have been postponed,” according to Arabian Business.

Meanwhile there’s no sign of a recovery in the real estate market, where 40% of homes are vacant, or the stock market, which sits near seven-year lows.

Developer Emirates Sunland Group hasn’t responded to these claims. At least the hotel looks good in these publicity shots.

Here's what the finished hotel will look like

This is an example of a guest room

Here's a dining room from one of the condominiums

Sit back and relax after you eat a great meal

Perfectly decorated down to the very last detail

An elegant sitting area

Every luxury hotel must have a luxury spa

And here are the neighbours

And of course the lobby will always be filled with hot blondes going to business meetings

And model bell hops to carry your bags

Now check out America's hottest new hotel

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