| 28 Jul 2008 |
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Dubai Pearl Flies over 150 Investors to Paris for Unveiling of AED2.5 Billion Baccarat Hotel and Residences
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A Three-Day Trip Including Private Concert by Sir Elton John
Dubai: 28th July, 2008: Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim GroupAl Fahim Group
, rolled out a lavish trip to Paris for 150 investors, offering an exclusive preview of the design and décor of the AED2.5 billion Baccarat Hotel and Residences project that will be completed at the Dubai Pearl development in 2011. Complementing Dubai Pearl's status to offer the best-of-breed projects and quality, the invited guests were additionally treated to a private concert by legendary artist Sir Elton John after the unveiling of the Baccarat Residences.
Headed by Abdul Majeed Al Fahim, Chairman of Pearl Dubai, and Santhosh Joseph, President and CEO, Dubai Pearl, the entourage comprised heads of Starwood Capital Group and French crystal maker Baccarat, including Russell Sternlicht, President, Starwood Capital EMEA and Directeur Général, Groupe du Louvre, parent company of Baccarat, Neil Jacobs, President Global Hotel Operations for Starwood Capital Group, Hervé Martin, CEO of Baccarat, Chafik Gasmi, Artistic Director of Baccarat, as well as leading UAE businessmen and members of the media.
Abdul Majeed Al Fahim, Chairman of Pearl Dubai FZ LLC, said: "Our initiative of the trip was to acquaint our investors with the signature Baccarat brand, including a visit to the magnificent Maison Baccarat, bringing them one step closer to being part of their upcoming Dubai Pearl experience. This trip also projects our principles of transparency and assurance that calls for a proactive engagement with our investors through every phase of a venture, from the launch to the completion stage."
To be developed in association with the US-based Starwood Capital Group, the Baccarat Hotel and Residences at Dubai Pearl will reflect the ingenious handcrafted work of Baccarat, which boasts a lineage of 244 years in fashioning inspired crystal pieces of the highest quality.
Al Fahim added: "Since 1764, Baccarat has built a reputation of providing elegant luxury products offering unparalleled beauty and flawless brilliance. The Baccarat Hotel and Residences will therefore front a new destination not only in Dubai, but in the Middle East as well."
The Baccarat Hotel at the Dubai Pearl, located in the signature 73 storey, four tower heart of the project, will envelop over 800,000 square feet of space and be comprised of approximately 340 rooms. The AED 1 billion Baccarat Residences will feature elegantly designed apartments over the 300,000 sq. feet and clients have the option to do their space planning for their apartment if they so desire. Expansive swimming pools, roof gardens, crystal chandeliers and sweeping staircases will define both developments and set them apart as one of the most prestigious addresses in the whole of the Middle East.
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Dubai Pearl
Dubai Pearl is a US$4 billion world class, mixed-use development by Pearl Dubai FZ LLC. Located opposite the Palm Jumeirah in the heart of the Dubai Technology and Media Free Zone, a state-of-the-art business cluster operated by TECOM and home to global IT and media companies.
Dubai Pearl is a landmark destination offering spectacular views of the Dubai coast. The development will redefine the pulse of new Dubai providing a 24-hour living city with commercial, retail, residential and leisure facilities. Designed with people in mind to create an all year round walkable environment, the Dubai Pearl will service the Dubai Technology and Media Free Zone and its communities.
Set for completion at the end of 2010, Dubai Pearl's prime location will offer an unparalleled combination of free-hold in the convenience of a freezone with luxury, energy efficient sustainability and state-of-the-art technology.
Starwood Capital Group has been a leader in real estate investments since 1991. Its international investor base includes some of the United States' largest state and corporate pension funds, endowments and foundations and high-net worth families from around the world. During the past fifteen years, Starwood Capital and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value. Starwood has closed and/or advised on over 215 transactions ranging in size from $1 million to $14.6 billion, and has acquired equity interests in residential and multifamily, hotels, office, retail and industrial space, golf and leisure-related properties.
Starwood's most recent transactions include the $3.2 billion acquisition of Groupe Taittinger and Societe du Louvre, Europe's second largest hotel network with a unique collection of 14 luxury hotels in Europe, including France and Switzerland, in addition to managing over 800 budget hotels throughout Europe plus the approximately $1 billion acquisition of 32 Le Meridien luxury, four/five star hotels located primarily across Europe but also in North America, Africa and South America. Starwood has led the formation and growth of several market leading companies including iStar Financial, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide, a leading global owner/operator of hotels, with ownership of brands such as Sheraton, Westin, The St. Regis Luxury Collection and the "W"; and National Golf Properties/American Golf Corporation, the largest
owner/operator of golf courses and related facilities in the U.S. Starwood Capital Group no longer owns an equity stake in either iStar Financial or Starwood Hotels.
For further information, please contact:
Linda Abdulhay
JiWin
Tel: +971 4 3613333
Fax: + 971 4 3688001
E-mail: Linda.abdulhay@jiwin.ae
© Press Release 2008
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