Saturday, 23 January 2010
Last year Trump Tower, the centre-piece of Nakheel’ iconic Palm Jumeirah project in Dubai was shelved.
Now this week it has emerged development of the luxury Fairmont Hotel & Resort and Residences, comprising 400 hotel rooms and 558 privately-owned apartments, is being bogged down by concerns over funding.
Construction of the property is well advanced and was expected to be completed by now. In fact it was originally scheduled to be completed in 2008. The hotel operator, Fairmont Hotels & Resorts, however this week confirmed the opening of the hotel will now not occur until at least 2011. It is the third luxury resort on the unique series of palm-shaped islands to defer its opening. Aside from Trump Tower, which incorporated a 5 star hotel along with private residences, the Palm Kempinski, a similar development, has deferred plans to open its doors despite the property being almost complete.