Dubai Hotel Business is Booming, Underwater Hotel Development a Possibility for $120 Mil

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An uptick in the tourism trade has given new life to Dubai’s once struggling hotel business.

Economic struggles had put the brakes on hotel development in the tiny emirate, but now more and more tourists are traveling to Dubai, which is perceived as a peaceful state in a region full of instability.

Most of the large luxury hoteliers have a footprint in Dubai including Starwood, which operates 15 hotels in the country. Dubai represents the highest concentration of the chain’s resorts outside of New York.

Developers are now planning an underwater hotel at a price of $120 million. The property will feature 21 underwater rooms as well as above-surface accommodations. The property will also market apartments starting in the $50 million range.

Developers are aiming for a 2016 opening date, but are still working to secure all the financing for the project.

Pictured: Four Points by Sheraton Downtown Dubai, Courtesy of Starwood Hotels

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