Dubai’s US$1,300 a night hotel operator expands to Fiji after US
Kerzner’s brands also include Atlantis Resorts, Siro resorts and Rare Finds
[DUBAI] Dubai’s Kerzner International Holdings is planning a resort and US$10 million serviced homes in Fiji while preparing to open its first US location as it expands its One&Only brand to reach the ultra wealthy outside the emirate.
The hotel brand, which is owned by sovereign wealth fund Investment Corporation of Dubai, and commands average room rates of US$1,300 a night, will develop a luxury resort on 127 acres along the shores of Nacula Island, Western Fiji, and will also add private homes there. Meanwhile, it is working on locations in the US, including Montana and New York.
The expansion comes as a rising number of Dubai firms look to leverage their brands overseas by targeting rich buyers and travellers. As it expands, Kerzner is likely to contend with a host of competitors at home and overseas. Still, Mark Kirby, president of One&Only Resorts, said that the brand’s niche high-end appeal has been helping it fend off potential rivals.
Expansion of the luxury private homes segment is now a major focus of the group, Kirby said. Kerzner has about 600 private homes currently and is likely to add another 400 within the next five years, both within resorts and also on a standalone basis, he said.
“We are seeing that people, particularly from the GCC and the US, who want to invest in properties that then can give them returns,” Kirby said.
The One&Only’s first American resort – in Big Sky, Montana, will open in November, while a Hudson Valley resort is set to open in 2028.
Demand for luxury tourism is expected to expand faster than other industry segments because of a rise in the number of individuals internationally with net worths between US$1 million and US$30 million, according to McKinsey.
Outside Dubai, the Mediterranean has been a particularly strong performer for the hotelier with its two resorts in Greece commanding rates as high as US$3,500 a night over the summer, Kirby said.
Kerzner’s brands also include Atlantis Resorts, Siro resorts and Rare Finds. The firm, founded in 1993 by South African business tycoon Sol Kerzner, was later acquired by ICD. BLOOMBERG
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