Dubai launched its second luxury Atlantis hotel nearly 15 years after the first Atlantis brought tremendous debt.
- The $1.5-billion Atlantis The Royal hotel opened in Dubai over the weekend on the island of Palm Jumeirah.
- The hotel features 795 rooms, 44 suites with attached infinity pools, 17 on-site restaurants featuring seven celebrity chefs from around the world, the largest jellyfish aquarium in the world, and many more luxury amenities.
- The average room will cost $1,000 a night, while exclusive suites will be much more expensive, with the top suite being $100,000 a night.
- The hotel’s opening brought many top celebrities to Dubai to celebrate, and a private performance by Beyonce that was reported to cost around $24 million.
Why it’s news
Dubai officially opened its second Atlantis hotel bringing in many celebrities and wealthy figures to the city to celebrate.
The new Atlantis The Royal was built not far from the original Atlantis constructed on the island of Palm Jumeirah in 2008. The original Atlantis also brought many celebrities and other notable figures to its grand opening.
The original was built right before an economic downturn leading to the emirate announcing it was close to bankruptcy just 12 months after the grand opening. Dubai has been busy since the pandemic, and many executives are hoping the Atlantis grand opening will continue the influx of people coming to the city and not signal a peak.
“Dubai is in a significantly stronger position now than in 2009,” says Monica Malik, chief economist at Abu Dhabi Commercial Bank. “There is fundamental tightness in the real estate market, the UAE has introduced regulations to reduce systemic risks, and the tourism sector is broader, with more people globally discovering Dubai after its strong handling of the pandemic.”
The new Atlantis The Royal was built on the premise of luxury and signaled that at its debut over the weekend. The grand opening brought celebrities from around the world and featured a multi-million dollar firework display and a private concert from Beyonce that reportedly cost $24 million.
Dubai has had an influx of newcomers since the pandemic, and the city is capitalizing on that and hoping the new hotel will bring even more visitors.
“We are very optimistic on travel and extremely bullish on luxury,” says Kerzner CEO Philippe Zuber. “We believe in those areas, people will not compromise. We understand that the market may face some recessions and might have some challenges, but the appetite to travel, the appetite to be together and to have qualitative vacations—that will not stop.”