The 131-serviced apartment property is due to open in Q1 2023. It will feature a rooftop pool, a range of one-, two- and three-bedroom apartments including a three-bedroom penthouse, lobby lounge and F&B offering, gymnasium and private parking.
The signing of Cheval Maison -The Palm Dubai is the latest for Cheval Collection as it continues its focus on expansion through management contracts. In addition to Dubai the group is due to open two properties in Glasgow; the newly launched brand MY Locanda in 2024 and a recently announced Cheval Maison in Glasgow in 2025.
Cheval Maison – The Palm Dubai is located adjacent to the Nakheel Mall, a luxury shopping mall featuring more than 140 shops and over 30 cafés and restaurants, and a short walk from West Beach.
Mohammed S. Alawadhi, managing director for Cheval Collection, said: “Our vision to take on new management contracts both in the domestic and overseas markets is coming to life.
“Signing with a group of Nakheel’s pedigree illustrates the strength of our brands and the growing profile we have around the world. Dubai has a well-earned reputation for luxury, and we know that Cheval Maison will be a strong addition to the emirate as it further develops its tourism offering.”
Dubai-based Nakheel is a world-leading master developer whose innovative, landmark projects form an iconic portfolio of master communities and residential, retail, hospitality and leisure developments that are pivotal to realising Dubai’s vision. Nakheel’s waterfront projects, including the world-famous, award-winning Palm Jumeirah, have added more than 300 kilometres to Dubai’s original, 70km coastline, paving the way for the development of hundreds of seafront homes, resorts, hotels and attractions.
A Nakheel spokesperson said: “The latest addition of Cheval Maison to our portfolio of residences is a testament to our commitment to provide residents and visitors of Dubai with world-class, luxury properties. Our signing with Cheval falls in line with our on-going strategy to bring highly reputable brands to Dubai, in support of the Government’s vision to make the city the best place to live.”
Daniel Johansson, director of development & acquisitions, Cheval Collection, said: “We are thrilled to have signed with Nakheel and look forward to working with such an experienced team. We are talking to investors and developers in a number of dynamic locations, of which Dubai is a great example.”
“Demand for serviced apartments which can deliver high-quality stays in luxury environments is growing, with investors drawn to high rates of return, agile operations and experienced operators.”
Cheval Collection, which is celebrating its 40th year in 2022, reported a return to pre- pandemic performance, as travel recovers globally.
The company has three brands, with Cheval Maison joined by Cheval Residences and MY Locanda.
A recent survey undertaken by Cheval Collection found that, of more than 2,200 travellers, 68% of respondents were likely or very likely to book a serviced apartment. This was only two percentage points lower than during 2020, when demand for serviced apartments was at a peak, illustrating the ongoing enthusiasm of guests for the product.