their plans for The Palm Trump International Hotel and Tower on the Palm Jumeirah island in Dubai.
Both companies will be investing substantially in the $400 million condominium-hotel development.
The Palm Jumeirah is one of the world's largest man-made islands, creating the shape of a palm tree in the Arabian Gulf. The Palm Trump International Hotel and Tower will provide a luxury centerpiece hotel on island's Golden Mile--the exclusive residential and retail boulevard on the trunk of The Palm Jumeirah. It will pioneer the condo-apartment hotel concept in the region.
The development will feature approximately 500 apartments (1/2/3 bedroom studios and penthouses), available for purchase, and each residence will have access to five-star hotel services and amenities. The development will be the first project in Dubai where each room, on the entire 360 degrees of the tower, will be guaranteed a sea view. The development will also include a selection of high-end boutiques, fine dining, signature roof top restaurants, bars, swimming pools and a luxurious spa and health club.
The Palm Trump International Hotel and Tower is the initial development in Nakheel and The Trump Organization's exclusive joint-venture in the Middle East. The Trump Organization's agreement with Nakheel includes exclusive rights for 19 countries in the region and 17 major brands. The Trump Organization will be investing substantial sums directly in the projects, and will have sales, marketing and management responsibility for each real estate development, including introducing The Trump Touch concierge services to the UAE. Sales for The Palm Trump International Hotel and Tower are expected to launch at the end of 2005.
Donald Trump, The Trump Organization's chairman and president, said, "I am delighted to invest, manage and sell this project on what is clearly the best location in Dubai. When I look at potential sites for real estate investment, I concentrate on 'location, location, location'--and this is not only the best location in Dubai, but the whole of the Middle East."
"The hotel will offer a unique opportunity to own an elegantly appointed hotel suite on Dubai's world famous Palm. The hotel will serve as the perfect pied-a terre for those who like a second, or even third home, but without the responsibility of maintaining a residence. These superb accommodations may be purchased for personal or corporate use and occupied as much or as little as desired."
Sultan Ahmed bin Sulayem, executive chairman of Nakheel, said, "With The Palm Jumeirah development, Nakheel is creating an icon for the twenty-first century, and it is entirely fitting that The Trump Organization is a key player and investor in realizing this vision."
The tower's iconic "tulip" design will incorporate a state-of-the-art exo-skeleton frame, which will minimize the number of internal structural columns, thus maximizing floor space and ensuring uninterrupted views of both The Palm and the Arabian Gulf throughout the tower.
FindArticles > Real Estate Weekly > Oct 26, 2005 > Article > Print friendly
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