The Viceroy Hotel Group is the latest high-profile company to announce plans to open a new resort in Dubai.Bosses at the firm hope to have a hotel up and running in the swanky Palm Jumeirah region by the fourth quarter of 2016 and the development will cost a cool $1 billion (£657 million).This is one part of town that is attracting plenty of interest from property investors, thanks mainly to the phenomenal buildings that have cropped up in recent years and the fact it is so close to popular areas like Dubai Marina. It is also a stone's throw from the International Financial Centre.Somewhat surprisingly, this will be Viceroy's first venture in Dubai, although its Yas Viceroy Abu Dhabi resort has been a success.Bill Walshe, chief executive of the VHG Viceroy Hotel Group, thinks this new building will "set a new bar in beachfront luxury"."This property marks our first foray into the Dubai market and is a milestone in our growth in the region," he remarked."Our market entry is perfectly timed and our partnership brings together the collaboration of two success stories in the real estate and hospitality industries."The hotel will contain 221 "signature Viceroy Residences", each providing beautiful views over the Arabian Sea. As you would expect from such a luxurious hotel in this exclusive part of town, guests will be treated to world-class facilities and sumptuous restaurants.It seems barely a week goes by at the moment without a top hotel chain unveiling plans to open new resorts in the UAE.Earlier this month, the Wyndham Hotel Group announced it would build a 33-storey tower that will cover nearly 6,800 sq ft, providing 497 guest rooms, 251 luxurious suites and almost 2,500 square feet of spa and leisure facilities.Construction activity had declined in the UAE during the global financial crisis, but the ball is most definitely rolling again and firms realise that hotel room rates are rising all the time in Dubai.