Dubai: The newly opened Palm Atlantis Hotel cuts rates from $454 to $44 a night

[Ichingcarpenter]

Business at Atlantis, the $1.5 billion (Dh5.5 billion) hotel on the Palm Jumeirah is slow, with room rates slashed dramatically and occupancy low.

Despite the grand opening of the resort on Thursday night, which saw stars and celebrities descend on the Palm, causing actual residents difficulty accessing their own homes, business is not so impressive.

The average room rate on November 17 was Dh849 ($231), Tuesday was Dh380 ($104), a completely unbelievable Dh161 ($44) on Wednesday night and Dh157 ($44) on Thursday night, according to official figures leaked to Gulf News.


However, over the next few days, the rates do increase but not to the levels of when Atlantis first opened, which quoted average room rates of $454 a night.

While occupancy has not been over 80 per cent in the past week, over the next four days occupancy plummeted to 26 per cent on Sunday, 30 per cent on Monday and 33 per cent on Tuesday, the information showed.


Dubai’s property prices are falling like the proverbial rock and the government of Abu Dhabi has stepped in, in an effort to prevent a complete meltdown in Dubai’s property market. Dubai’s two largest mortgage lenders, Tamweel and Amlak Finance have reached the point where they are unteneble and Abu Dhabi’s state owned “Real Estate Bank,” will take over both lenders.

Dubai has already borrowed an undisclosed amount of money from oil-rich neighbor Abu Dhabi, and this is the next logical step. Both Amlak and Tamweel’s stock value has fallen over 80% this year, and neither company is in a position to raise financing from outside the UAE. Amlak has suspended offering new home mortgages, and several foreign banks, including HSBC and Lloyds TSB have tightened lending criteria.


http://www.gulfnews.com/business/Hotel_and_Tourism/10261866.html

http://internationalpropertyinvestment.com/abu-dhabi-steps-in-to-prevent-complete-meltdown-in-dubai-atlantis-hotel-empty

[saltpoint]

1. I wonder if the ice machine works.

[hlthe2b]

2. So, do they accept pets?

:evilgrin:

[SmileyRose]

3. Snort.

Damn speculators yank money out of oil and Dubai bites it along with the rest of the world.

[Cleita]

4. They couldn't give me free air fare and a free room to visit Dubai.

Talk about a phony place. Disneyland for the rich oil sheiks.

[Ichingcarpenter]

5. The New Branson Missouri

for the Middle East

[Liberal_in_LA]

9. and why vacation somewhere where a violation of islamic law gets you thrown in jail. No thanks.

[Initech]

14. Not in the tourist destinations.

Everywhere else in the UAE that'll happen no questions asked. But they sure do love their tourist revenue.

[SammyWinstonJack]

6. !

:evilgrin:

[Aviation Pro]

7. This was supposed to be....

...Shitstain Shoots-Guy-In-Face's redoubt until Satan calls him back home. I wonder how the little, motherfucking scrub feels about it now.

[Liberal_in_LA]

8. Now that's a bargain!

[TomInTib]

10. I am presently in Cabo San Lucas. $700 room for $80.

And this place is probably at 20% occupied, with very few Americans present.

It's great, you oughta come on down. I was only going to stay for 8 days, but I might stay until Christmas. I am watching a whale swim by, right now.

[TankLV]

11. "Great" - now can they do something about the 130+ degree heat with over 70% humidity?!

It makes living here in Vegas positively BALMY by comparison...

[eleny]

12. There are grasshoppers and there are ants - Looks like Dubai was a grasshopper on steroids

[Initech]

13. I notice travel everywhere is getting cheaper.

I booked a flight on KLM routing LAX - Amsterdam and I was expecting to pay $1100 for the ticket, and instead wound up paying only $820 for the ticket. :wow: