The Mövenpick Hotel & Apartments in Dubai, UAE has been sold to investment group Kingdom Hotel Investments for $95 million, marking the first open market hotel transaction to have taken place in the emirate, said real estate services firm JLL Hotels & Hospitality.

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 meeting and function space, a statement said.

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 Mövenpick 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 said: “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 three to five years, a statement said. – TradeArabia News Service