Apr 23 2006
IFA Hotels & Resorts (IFA HR) has announced the appointment of luxury hotel operator Fairmont Hotels & Resorts (Fairmont) to manage The Palm Golden Mile and their two shoreline buildings, Al Nabat and Al Haseer, IFA HR's residential projects, located on the trunk of The Palm, Jumeirah.
The appointment reinforces Fairmont as one of the leading luxury operators within the region and further strengthens the relationship between the two companies. Inventory under the management of Fairmont will now range from traditional hotel keys within the Fairmont Palm Hotel & Resort, through to luxury apartments and penthouses managed under a tailored rental administration programme.
The Palm Golden Mile is a Joint Venture between IFA HR and Istithmar and will feature ten waterfront buildings, featuring everything from one bedroom apartments to grand penthouses and townhouses. The luxurious 860 units have been designed with waterside views, spacious private patios, iconic architecture, elegant interior design and membership access health clubs and beach clubs on The Palm, Jumeirah.
Al Nabat and Al Haseer are two shoreline residential developments of 246 apartments built in an eclectic Arabic style on the trunk of The Palm, Jumeirah. The development also offers an array of facilities including a members-only health club, gymnasium, swimming pools and other facilities associated with a 5 star operation including valet and concierge services.
Owners of both developments will benefit from a Rental Administration Programme, managed by Fairmont that allows the investor to purchase a fully furnished interior design package, which Fairmont then administers and lets out on their behalf, alternatively Fairmont can handle the normal long term rental contracts to cater for the needs of the short and long term tenant.
Mr. Patrick Smith, Vice President Asset Management, IFA HR said,
'The facilities available at The Palm Golden Mile and Al Nabat & Al Haseer will be unsurpassed, giving residents an opportunity to enjoy a waterfront lifestyle. With the management of these residences entrusted to Fairmont Hotels & Resorts, we have delivered on our promise to clients, to have the highest level of service available to our residents.'
The Palm Golden Mile will encompass some of the Palm Jumeirah's premiere retail shops, offices and residences. Construction of this premiere mixed use resort is now well under way and completion is expected in first quarter of 2008. The Al Nabat & Al Haseer buildings form part of Nakheel's Shoreline apartments and are scheduled for completion in the first quarter of 2007.
Fairmont Executive Vice President, Mr. John Johnston said, 'Fairmont Hotels & Resorts has built a reputation for excellence and we take great pride in being associated with The Palm Golden Mile and Al Nabat & Al Haseer. Managing these projects will be exciting for us, given their unique location on the world renowned The Palm, Jumeirah. Residents of properties will enjoy premium service that Fairmont has been known to provide worldwide, offering the very best in serviced living. We look forward to a long and mutually beneficial partnership with IFA Hotels & Resorts in the years ahead.'
Mr. Talal Jassim Al Bahar, Chairman and Managing Director of IFA HR, concluded 'Our continued strategic alliance with Fairmont Hotels & Resorts is strengthened by their appointment to manage The Palm Golden Mile and Al Nabat & Al Haseer. As a company, we are committed to provide a premium product offering to our buyers and it is fitting that this will be delivered by one of the best luxury hotel operators in the world.'
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