The Select Group from Dubai buys the Radisson Blu Hotel in the Media City for over AED 200m ($54.5m), which makes it the highest price deal of a hotel in the Media Free Zone. The transaction being one achieved through Knight Frank MENA reflects the increasing potential of hospitality sector of Dubai to attract investors.
It is the ninth hospitality transaction Knight Frank has closed in Dubai in the last 18 months, thus solidifying Dubai’s standing as a primary location for investors in the hospitality industry. Select Group aims at applying full refurbishment of the property targeting to transform the rooms, public areas, as well as food and drinks services as there is a gap in the area currently.
Rahail Aslam, Founder and Chairman of Select Group expressed that the key objective of the acquisition is in view of the company’s strategic focus to stake its ground on prime assets in strategic areas. The proposed and proposed upgrades are envisaged to provide a better feel and touch of the improved services to the tourists and other clients.
Ibn said the record sale further establishes Dubai as one of the fastest growing region in terms of hotel investment.
This was done through Select M City Limited that is a subsidiary of Select Investments Limited which received legal advice from Baker McKenzie and Wisefields.
The developed scheme currently has portfolio of more than 20 million sq meters; the total value of its current projects sums up to AED 35.2 billion of Gross Development Value (GDV). Also, the firm has completed over 7000 homes and it is still constructing 6000 thee units at the moment.
