IFA Hotels & Resorts (IFA HR) has opened a $330m five-star beachfront hotel – Fairmont The Palm – on the trunk of the Palm Jumeirah in Dubai.

Fairmont The Palm, the third Fairmont hotel in the IFA HR portfolio, is the company’s first hotel to become operational in Dubai.

The hotel features ten floors of rooms and suites. Each room features a five-fixture bathroom and is equipped with high speed internet access and interactive LED TVs.

"We are confident the property will draw a sizeable amount of domestic business."

Jones Lang LaSalle Hotels Middle East and Africa head Gabriel Matar said that Fairmont The Palm is expected to command a premium of up to 70% versus city centre hotels.

"That figure takes into account the hotel’s location, its 460-metres of beachfront, 381 balconied guestrooms, 2,200m² of meeting and conference facilities, 1,600m² spa, an array of amenities, seven food and beverage outlets and expected service levels," Matar added.

The offerings are part of a $616m investment that includes 562 luxury apartments, bringing the total number of keys in development to 957.

IFA Hotel Investments president Joe Sita said: "Accessible to the adjacent residences, the 860 apartments in our Golden Mile development, as well as the island villas and neighbouring buildings, we are confident the property will draw a sizeable amount of domestic business."

Fairmont Hotels & Resorts president Jennifer Fox said: "Fairmont first partnered with IFA Hotels & Resorts in 2008 when the award-winning Fairmont Zimbali Lodge in South Africa joined our collection. Our relationship expanded further in 2010 with the opening of the Fairmont Zimbali Resort and we look forward to offering guests our award-winning hospitality at this unique location."