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JLL Hotels & Hospitality is pleased to announce on behalf of Kingdom Hotel Investments ("KHI") the successful sale of the Movenpick Hotel & Apartments located in Bur Dubai, Dubai.
Following a comprehensive marketing campaign, the hotel was sold to a leading UAE-based investment group for a gross consideration of $95M.
Strategically located between Dubai International Airport and Downtown Burj Khalifa, the Property is situated just a few minutes from the major retail and business precincts of Dubai and features 255 guestrooms and suites, 57 apartments, spacious public areas, a range of food and beverage outlets, as well as ample meeting and function space.
Commenting on the sale, Amr El Nady, Vice President JLL Hotels & Hospitality, said, "This is a landmark transaction in the UAE hotel investment market that was successfully completed and supported by the depth and breadth of JLL's global network. The sale represents a significant milestone for JLL in the region as it is the first open market hotel transaction to have taken place in Dubai. It follows the sale of Movenpick Jumeirah Beach Residence earlier in the year in a transaction also conducted by JLL and highlights the appetite that exists from the investment community for strategic investment opportunities within Dubai's vibrant tourism market."
Nihat Ercan, Executive Vice President JLL Hotels & Hospitality added: "We are delighted to announce the sale which reinforces our continued long-term relationship with the vendor and follows four other strategic disposals across Asia and the Indian Ocean that JLL's Hotels and Hospitality Group has orchestrated as exclusive advisor to KHI."
Dubai is expected to continue on its growth of performance levels for the next 3 to 5 years. The city continues to benefit from a balanced mix of key demand generators in the corporate, MICE and leisure sectors. Similar trends of healthy demand and supply balance are expected to continue, with minor fluctuations in trading performance due to varied proportions of incoming supply.
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Head of Hotel & Hospitality, MENA
+971 4 426 6999
Senior Marketing & PR Manager, MENA