Dubai auction offers Palazzo Versace hotel at lower price

Dubai's Palazzo Versace hotel is up for auction again, now with a significantly reduced starting bid of Dh600 million. This marks a substantial price drop from previous attempts to sell the luxury property. The 215-room hotel has been unsuccessfully auctioned multiple times over the past year, with initial bids starting at Dh1.3 billion. The lower price suggests the banks holding the debt are eager to sell. The auction's outcome will be known in 11 days, with the 169 residential units excluded from the sale. The hotel remains a popular luxury destination despite the ongoing auction attempts.