“Seven Tides to Sell Anantara The Palm Dubai Luxury Resort for $280 Million, Amid Booming Tourism in Dubai”

Informed sources revealed that the Emirati real estate company, Seven Tides, is close to selling Anantara The Palm Dubai, one of the luxury resorts in the Emirate of Dubai, for about 1.1 billion dirhams ($280 million).

Bloomberg News today quoted sources as saying that Seven Tides is cooperating with Grant Thornton to complete the deal.

Anantara Resort has a 400-meter private beach overlooking the Arabian Gulf, with a series of waterways between the approximately 300 rooms and villas in the resort. The sources, who did not disclose the potential buyer, said negotiations were still ongoing.

The deal negotiations come in light of the booming tourism activity in Dubai, which has attracted growing numbers of wealthy and famous personalities to live there, along with millions of tourists.

The occupancy rate in hotels in the emirate during the year until the end of last March reached approximately 83%, while the average price of accommodation in hotels during the first quarter of this year was 783.8 dirhams.

For his part, Taimur Khan, head of the research department at CBRE Group, a real estate consultancy, said that the performance of beach real estate in Dubai improved very quickly after the pandemic, which led to increased investor interest in the few hotels and resorts available for sale, adding, “This is a time of opportunity for For asset owners to sell and get an attractive price, the market has reached a level not seen in years.”