Kleindienst Group, Dubai, United Arab Emirates, has broken ground on its six-hotel The Heart of Europe mixed-use development located on Dubai’s The World islands, located about 4 km (2.48 miles) off the coast.
The US$850 million project is back on track after years of delays, and the project will be located on six of The World’s 300 islands and have architecture inspired by Austria, France, Germany, Italy, Monaco, Spain, Sweden, Switzerland and St. Petersburg, Russia. The development is set to be complete in 2016 and may include climate-controlled areas that will feature snow and rain.
Josef Kleindienst, Kleindienst Group CEO, told The Wall Street Journal that the company expects to raise US$400 million by selling hotel villas and equity stakes in the hotels and that it is funding half of the project itself.
