Dubai Pearl, a consortium of investors led by Al Fahim Group, has signed an agreement with US-based Starwood Capital Group to develop the Dh2.5 billion ($680 million) Baccarat Hotel and Residences at Dubai Pearl.

Scheduled for completion in 2011, the Dh1.5 billion Baccarat Hotel will cover an area of 500,000 sq ft and offer 342 rooms. The Dh1 billion Baccarat Residences, featuring elegantly designed apartments over 300,000 sq ft area, will also bear the stamp of the French Baccarat brand within its aesthetically crafted interiors. A Baccarat style boutique featuring top-tier global brands will additionally define the luxury component of the development, says a spokesman for the developer.
With a built-up area of more than 15 million sq ft, Dubai Pearl will combine an active business district with a quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.
The residential component of the project will include sky palaces with private pools and gardens, sky penthouses, luxury branded apartments and condominiums. It will also feature tower and boutique offices and renowned hotel brands. Contributing to the growing cultural calendar within the emirate, Dubai Pearl will boast a 2,000 seat state-of-the-art theatre, a luxury fashion precinct within a premier shopping mall, as well as cinemas and gourmet restaurants.