Atlantis to spend US $100mn on renovations

The Atlantis on the Palm Jumeirah is about to spend US $100 million “or even more” on renovations, a senior executive at the resort has said.

Serge Zaalof, president and managing director of Atlantis, told sister title Arabian Business that the revamp will include a full renovation of the hotel’s rooms, as well as the launch of a new “family and children activity project” of 2,200m² within the existing Atlantis site.

The hotel is currently in the mock-up stages to finalise the new room designs, which are being upgraded eight years after the Atlantis opened.

In 2014, Investment Corporation of Dubai (ICD), which has a 46% stake in the Atlantis hotel’s owner, Kerzner International, unveiled plans for a second branded hotel on the Palm Jumeirah.

The 800-room $1.4 billion Royal Atlantis Resort and Residences will be sited close to the existing Atlantis hotel, and is expected to take two years to complete.

Master developer Nakheel has already signed building contracts with Ssanyong Engineering & Construction, China State Construction Engineering Corporation and Six Construct.

In February this year, Bloomberg reported that ICD was seeking a $700 million, 10-year loan to fund the construction of the second Atlantis resort.