Corinthia quits Dubai

Corinthia Hotels has withdrawn from the development of the luxury 300-room Corinthia Hotel and Residences Meydan Beach in Dubai after the other partner in the project sold its interest to another investor, Business Today has learned.

Corinthia had joined Dubai-based developer Meydan to develop the Corinthia Hotel & Residences Meydan Beach Dubai in the Jumeirah Beach Residence area of Dubai.

The project, which was originally supposed to be completed and operational in 2019, was to include 300 bedrooms and 60 high-end serviced apartments, offering extensive indoor and outdoor leisure and dining facilities, a luxury spa, a nightclub, and banqueting amenities. Corinthia Hotels was supposed to operate the hotel and residences.

But in an announcement to the Malta Stock Exchange, Corinthia Group advised that Corinthia Hotels and Meydan had agreed on a settlement to exit from their respective positions of the hotel operator and investor on a beachfront hotel and residential project in the project.

When contacted by this newspaper, Corinthia Hotels CEO Simon Naudi confirmed the decision.

“The project in essence was owned by a third party named Meydan who recently sold the development to another investor,” he said. “We chose to sell out of our position too, alongside Meydan.”

Naudi did not provide details as to the reasons behind the project delays, Meydan’s decision to sell the development or which Corinthia Hotels could not have stayed on with a new investor on board.

“I’m afraid the company announcement is the most we can say but we wish the new owners well and I’m sure they will be completing the project in the next year or so,” he told BusinessToday.

The page on Corinthia’s website about the Dubai development has already been pulled down, but extensive information about the project on Dubai-based websites is still available. Most of that information, however, is outdated and refers to the development’s ‘future’ opening in 2019.

In April 2019, online hospitality portal Four reported that the Corinthia Meydan Beach Dubai was to open in 2020.

The portal said the project would be Corinthia’s first hotel in the Middle East and praised the group for its unique, uplifting luxury destinations.

But Four also reported that the beachfront hotel marked “the beginning of ambitious expansion plans by the hotel group”.

Back then, Corinthia’s Area Managing Director the Middle East Matthew Dixon told the portal that the Corinthia Meydan Beach was an exciting addition to the region’s hospitality landscape, representing both a landmark milestone for Corinthia and for Dubai.

“The energy, vision and quality of resources assembled for this project by Meydan means that this hotel is in the enviable position of offering the market something fresh and new; an interpretation of heritage, culture and service values that we feel have not yet been bought to the UAE,” Dixon said. “We are confident that this property will enhance the Corinthia brand in the region, brilliantly enhancing our existing portfolio.”

Plans for the development point to a stepped podium wrapped around extravagant, landscaped pools and gardens cascading onto the beach. A 55-storey tower comprising of residential apartments, bedrooms, suites, and entertainment zones will sit on one side of this podium, commanding views of some of the most spectacular sights in Dubai, including the Palm Jumeirah Island and the Ain Dubai across the water.

Visitors and residents of the hotel will be able to enjoy fine dining on the 32nd floor and continue the rest of the night at the club located on the 8th floor.

They can also enjoy an exquisite dining experience at the Northall Restaurant & Brasserie. Moreover, visitors and residents will have access to seven high-end retail shops, where they can unleash their shopping desires. They can also embrace the peace of mind, tranquillity and a total rejuvenation of the body and mind at the hotel’s Spa and Gym.

No update about the development’s progress is available on Meydan’s website and attempts to contact the firm in Dubai proved futile by the time we went to print.