Nakheel recently inked a Letter of Intent (LOI) with Shangri-La Hotels and Resorts. Both parties have inked the agreement for management of a luxury hotel in The Palm Tower. The new, five star, 52-level hotel and residential complex constructed at the heart of Palm Jumeirah.
The Palm Tower comprises 504 high-end, furnished apartments and a luxury hotel, with 290-rooms and suites. The project will feature an array of facilities including a rooftop leisure and dining complex.
Nakheel chairman, Ali Rashid Lootah said: “Our new partnership with Shangri-La further reinforces the island’s position as a global destination offering world-class facilities. The Palm Tower will be our flagship hotel.”
The Palm Tower, on which construction is due to start this year, will be directly linked to Nakheel Mall, a new, 418,000 square metre retail and entertainment destination with 300 shops. Nakheel has also awarded a contract for AED1.2 billion for the mall’s construction, which is expected to start soon.