JLL Hotels & Hospitality has sold the Movenpick Hotel & Apartments 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 $95 million.
The property is situated a few minutes from Dubai’s major retail and business precincts and features 255 guestrooms and suites, 57 apartments, public areas, a range of F&B outlets, as well as meeting and function space.
“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,” says Amr El Nady, vice president of JLL Hotels & Hospitality. “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.”
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.
