Luxury Italian fashion design house Versace has finally opened its long-awaited Palazzo Versace Dubai hotel, billed by the brand as “the most luxurious hotel the Middle East has ever seen.”

Located along the shores of Dubai Creek in the centre of the city’s Culture Village, the hotel’s opulent design is inspired by a neoclassical 16th century Italian palace.

The company’s artistic director and vice-director Donatella Versace has designed the interiors and furniture for each of the 215 rooms and suites and 169 residence, giving final approval for every piece of furniture and strip of fabric.

The hotel’s grand lobby features a 1,000sq m (10,700sq ft) marble mosaic floor and bespoke furniture and textiles decorated with peacocks, falcons and horses. Other familiar Versace motifs, such as the head of Greek mythological monster Medusa, are incorporated alongside Versace prints and wallpapers to “bring the universe of Versace truly to life.”

Versace CEO Gian Giacomo Ferraris said: “Since the very beginning we’ve encompassed many product categories – from clothing to accessories, from luxury goods to the home collection – to convey the uniqueness and iconic style of the brand.

“The fine and luxurious designs by Versace will be present in every detail of the living environment at the Dubai hotel, and luxury will become a lifestyle”.

In addition to the guestrooms, the hotel includes an internal courtyard for dining, three outdoor swimming pools, landscaped gardens and a spa.

It has eight restaurants and bars, including Enigma; a fine dining destination that changes its concept and head chef four times a year and keeps its menu secret to take “gastronomists on an unexpected multi-sensory journey”. Avant-garde chef Quique Dacosta, whose eponymous restaurant in Spain holds three Michelin stars, is the first to run the venue.

The Palazzo Versace Dubai Hotel cost ED2.3bn (£442.1m, €574.6m, US$626m) and was overseen by Versace in a joint venture with regional developer Enshaa Group. The opening date for the project was pushed back several times, having originally been set for 2010. Construction began in 2007.

A previous Palazzo Versace was opened on the Gold Coast in Queensland, Australia in 2000, and another is set to follow in Macau by 2017.