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I’ve only stayed at the Park Hyatt Dubai but I can share this:
It’s a gorgeous property with incredible service.
Definitely a more intimate feel than staying on the island (we’ve stayed at the Waldorf Astoria Dubai too).
My opinion is that you should focus more on which location works better for you, as the Park Hyatt Dubai is a bit secluded and alternatively, getting on/off the island can also be time-consuming.
Also, one backs to a creek and one to the Gulf.
Worth considering.