JLL Hotels & Hospitality recently announced on behalf of Kingdom Hotel Investments (KHI) sale of the Movenpick Hotel & Apartments in Bur Dubai.
The hotel was sold to a UAE-based investment group for a gross consideration of US$95 million.
The property offers 255 guestrooms and suites, 57 apartments, a range of food and beverage outlets, as well as meeting and function space.
Amr El Nady, vice president JLL Hotels & Hospitality, said, “This is a landmark transaction in the UAE hotel investment market that was successfully completed. 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.”
Dubai is expected to continue on its growth of performance levels for the next three to five years. The city attracts a good mix of officials from the corporate, MICE and leisure sectors.