It will be another year to go before the completion of the world’s next tallest hotel structure – the 365-metre-high Ciel Tower in Dubai Marina. And a few weeks thereafter, the first guests will move into their rooms.
For Dubai itself, nothing much changes – the city will continue to host the ‘world’s tallest hotel tower’, with the Ciel taking over the title from Gevora Hotel, which is 356 metres high and located on Sheikh Zayed Road.
Designed by London-based architect NORR, Ciel will have more than 1,000 rooms, a glass observation deck on the 81st floor, and a signature rooftop Sky Terrace with an Infinity pool. Speeding on construction Construction is progressing as per the plan, with the project scheduled to complete in Q4-2023. The First Group’s chief development partner is China Railway Construction Corporation, the world’s second-largest construction and engineering company by revenue. The project made much headway during the peak phase of the Covid disruptions, hitting key milestones during the timeline.
Dubai Marina houses some of the finest hotel properties in Dubai, including Habtoor Grand Resort, Address Dubai Marina, and Wyndham Dubai Marina. Burns said, “Dubai Marina consistently outperforms the citywide average for hotel occupancies and revenues, as seen in this year’s first half. In March, for example (coinciding with the close of Expo 2020 Dubai), the Dubai Marina reported the city’s highest average occupancy rate of 93 per cent and RevPAR of Dh 1,107, as per STR data.
“Given the area’s stellar operational performance, we are highly confident Ciel Tower will be extremely well received by the market when it opens in 2024, given its profile, global buzz and an unrivalled mix of a unique lifestyle, leisure and F&B facilities.”
Studios for Dh1M plus?
With the developer planning to sell hotel rooms, these could turn out to be among the premium investment options within the Dubai Marina cluster. In fact, there are already several property listings of Ciel units, with studios quoting at Dh1.3 million and over. With the ‘world record’, the Dubai Marina location, and the prospect of sustained demand for hotels and other options in Dubai justifying the premium.
But a spokesperson of The First Group said: “I can confirm that Ciel will be a fully-operated hotel and there will not be any serviced apartments. We have not made a final decision on who will be operating it, but the interest I high. We never publish our prices online as a company, (and) so will be addressing what you saw of private property (listings).”
Hotel investment perks
According to the consultancy JLL’s Q2-2022 UAE real estate market report, there was a rise in occupancy rates of 75 per cent in Dubai’s hotel sector of Dubai, mainly driven by luxury resorts and waterfront destinations over other segments.
Investors will also be able to get a look into Ciel’s hotel rooms. They can buy individual rooms or take ‘fractional’ ownership. “The First Group offers investment opportunities for its entirely operated and managed hotel properties, expert asset managers’ advice, and support, ensuring each property is optimally positioned to maximise occupancy rates, room rates and profits for its investors,” according to the developer.
The other perks for investors include Dubai Lifestyle Elite Membership, a multiple tiers of membership program based on the value of the investment. This membership offers up to five annual holidays in Dubai, options for complimentary hotel room upgrades, beach club access, dining discounts and a dedicated travel concierge and more.