Dubai's Fairmont The Palm Hotel to Be Sold for $325 Million

Dubai’s iconic Fairmont The Palm hotel is set to be sold for USD 325 million, following a sale and purchase agreement between IFA Hotels and Resorts and a subsidiary of Kuwait’s Arzan Financial Group (AFG). The 391-room luxury property on The Palm Jumeirah will be acquired by Arzan Investment Management (AIM), marking a significant move in the firm’s strategy to expand its hospitality portfolio across the GCC.

The transaction, subject to certain conditions, is anticipated to close in the coming months. This follows IFA Hotels and Resorts' successful refinance of the property for AED 600 million (USD 163 million) in October, which aimed to settle a previous loan of AED 581 million.