| Work Detail |
Radisson Blu acquisition deal valued at $54.45mln Dubai-based Select Group acquired Radisson Blu Hotel, Dubai Media City, in a deal valued at over 200 million UAE dirhams ($54.45 million). The deal is claimed to be the “highest recorded hotel sale transaction” in the Dubai Media Free Zone, the developer said in a statement on Friday. Select M City Limited, a subsidiary of Select Investments Limited, purchased the hotel. Knight Frank MENA brokered the transaction. The Radisson Blu Hotel is surrounded by global corporate headquarters, including META, Pfizer, Samsung, and Mastercard. The developer plans to refurbish the property, enhancing its food and beverage offerings, accommodation, and other public areas to attract corporate clients. This deal marks Knight Frank’s ninth hotel transaction in Dubai in the last 18 months, out of the 12 hotels exchanging hands in the same period. This month, IFA Hotels and Resorts said it will sell its Fairmont The Palm property for $325 million after entering into a sale and purchase agreement with a unit of Kuwait investment firm Arzan Financial Group. |
