Movenpick Jumeirah sold. Sunday, 20th July 2014 Source : JLL Hotels & Hospitality Group
JLL announced it was instrumental in directing the successful sale of the 5-star Movenpick Hotel, Jumeirah Beach Residence in Dubai.
The asset, a 294-key hotel has been operational for four years, and was acquired by an investment vehicle set up by a UAE regional investment bank.
The hotel overlooks Jumeirah Beach Walk and is very near to the recently opened 'The Beach', which is a prime beachfront mall featuring a large collection of prestigious shopping and dining destinations, an indoor cinema and the UAE's first outdoor cinema.
Gaurav Shivpuri, Head of Capital Markets for JLL MENA, said, "The transaction of an asset of this size in Dubai is a sign of a maturing market where arm's length or 'independent' transactions are still rare. Allowing for requisite due diligence time, using high quality advisors and having a fair opinion of value are critical elements in successfully concluding large deals and we see that occurring now in Dubai."
Chiheb Ben-Mahmoud, Head of JLL's Hotels & Hospitality Group in the Middle East & Africa, added, "This transaction is representative of other high profile transactions JLL is advising on in Dubai and the region. We are confident about the strength of the hospitality market in Dubai, and we expect to see more transactions of this size in the years to come as the market becomes transparent and more sophisticated."
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