The Palazzo Versace Property in Dubai is being auctioned once again, but this time, a major reduction in the price has been seen. The seller of the property had lowered the asking price to Dh 1.3 billion, but still the property has not attracted any buyer.
The bids are accepted until October 16 with a Dh 700 million asking price. For the unversed, the hotel is situated in one of the well-known areas and is running efficiently and waiting for more businesses to pick up during the busiest time of the year for the Dubai hotel industry.
Even after the price was reduced to Dh 700 million, market experts are still uncertain about whether any bids will be placed for the property or not. However, in between the banks engaged in negotiations to come to an agreement on the debt settlements with the current owner.
“The auction is only on the property itself – the trade license itself is not included in the sale,” said a source. “The property itself is rented out (to the hotel operator) until March 2028.”
“Any interested party will need to factor in these details before deciding whether to bid or not.”
The buyer of the property will receive 130 suites along with 4 restaurants, a gym, a swimming pool, and other top-notch amenities.
Source: propertynews
