Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim Group, today announced it has signed an agreement with US-based Starwood Capital Group to develop a AED2.5 billion (USD 680 million) Baccarat Hotel and Residences at Dubai Pearl.

The signing ceremony took place in the presence of Abdul Majeed Al Fahim, Chairman of Pearl Dubai, and Barry Sternlicht, Chairman, Starwood Capital Group.

Scheduled for completion in 2011, the AED1.5 billion (USD 408 million) Baccarat Hotel will cover an area of 500,000 sq. feet and boast 342-rooms. The AED 1 billion (USD 272 million) Baccarat Residences, featuring elegantly designed apartments over 300,000 sq. feet area, will also bear the inimitable stamp of the 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.

Abdul Majeed Al Fahim said: “Dubai Pearl’s partnership with Starwood Capital Group is in line with our long-term strategy to develop a diversified portfolio of world-class real estate projects that focus on offering a rich experience to our patrons. Dubai Pearl represents a landmark destination incorporating a quality urban lifestyle. Complementing this stature, the Baccarat Hotel and Residences will reflect the brand’s singular blend of art and glamour and enhance the dynamics of the local environment.”

He added: “Our partnership with Starwood Capital Group is an ambitious collaboration, but one that is backed by the enthusiasm and passion of two partners with a like-minded commitment for innovation and excellence.”

Mandated to fashion the interiors of the Baccarat Hotel and Residences, the renowned French brand will bring to the development its unique and exclusive interpretation of sophisticated Parisian chic and contemporary elegance.

Barry Sternlicht said: “Baccarat Hotels and Resorts will personify the pride and impeccable attention to detail that has made Baccarat one of the world’s select few names that define and shape luxury.

“For centuries Baccarat has built a reputation of providing elegant luxury products offering unparalleled beauty and flawless brilliance, and now we are thrilled to have the opportunity to craft these same elements in a prestigious destination such as Dubai Pearl.”

With a lineage of more than 250 years, Baccarat has been synonymous with luxury, hand-crafted quality and the unending pursuit of perfection. The first announced Baccarat Hotel project will open in 2010 at Wailea in Hawaii. Baccarat is scheduled to roll out several other developments in the Caribbean, Europe and the Far East.

With a built-up area of more than 15 million sq. feet, 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 2000 seat state-of-the-art theatre, a luxury fashion precinct within a premier shopping mall, as well as cinemas and gourmet restaurants.