ALBAWABA - The developers of the Kempinski Floating Palace Hotel said the facility be inaugurated in early 2025 after delays due to the COVID-19 pandemic.
The hotel, which is being built in Ras Al Khaimah, consists of a floating hotel with 200 rooms and suites, as well as 48 villas that can sail off the coast of the UAE.
The project is expected to cost AED 1.2 billion ($326 million) once completed.
The United Arab Emirates has seen a significant real estate boom in recent years, with Dubai alone having 804 new hotels in 2022, up 6.5 percent from 2021.
While demand for floating hotels is promising, there are challenges such as the high service cost and the need for sea, air transportation for guests and other logistics.
The project, developed by The Floating Venice LLC, will be ready to welcome guests at the beginning of 2025, according to its developers.
The floating palace will end up in Dubai's Jumeirah area, while its development is currently in the Island Port in Ras Al Khaimah, with 50 percent of the project already finalized.
The villas are also available for sale, offering a good investment opportunity, its developers said in a statement
