Select Group, a leading real estate development and investment firm, has announced the acquisition of the Radisson Blu Hotel, Dubai Media City, in a landmark transaction valued at over AED200 million ($54.4 million). 

 

The deal, brokered by Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank Mena, represents the highest recorded hotel sale transaction in Dubai’s Media Free Zone, said the developer in a statement. 

 

The Radisson Blu Hotel occupies a prime location in Dubai, surrounded by global corporate headquarters of Meta, Pfizer, Samsung and Mastercard. 

 

Select Group said it plans to embark on a comprehensive refurbishment of the property, with a focus on enhancing its food and beverage offerings to address a critical gap in the area’s hospitality landscape, as well as enhancing all the accommodation and other public areas to cater to the strong demand generators through the corporate catchment.

 

On the strategic move, Rahail Aslam, Founder & Chairman of Select Group, said: "We are excited to announce the acquisition of the Radisson Blu Hotel, Dubai Media City, marking a pivotal milestone in our ongoing commitment to securing prime assets in strategic locations." 

 

"This addition to our hospitality portfolio signifies a key step in our growth journey. As part of our vision, the property will undergo a comprehensive refurbishment program for rooms, public areas and food & beverage venues to enhance the experience for travellers and residents. Our upgrades aim to create dynamic offerings that meet evolving demands, solidifying our dedication to excellence in hospitality," he stated.

 

Love pointed out that the sale of the Radisson Blu Hotel is a testament to Dubai’s continued evolution as a global hotspot for hotel investment. 

 

"As the highest recorded hotel sale transaction in the Media Free Zone, it demonstrates the value of strategically located assets in Dubai’s thriving market," he noted. 

 

This deal marks Knight Frank’s 9th hotel transaction in Dubai in the last 18 months, out of the 12 hotels that have exchanged hands in the same time period, reflecting the team’s expertise and stronghold across this asset class. 

 

"Knight Frank has been privileged to be at the forefront of these transactions, showcasing the strong investor confidence in Dubai’s hospitality sector and its unparalleled growth trajectory," added Love.

 

The property was acquired by Select M City Limited, a subsidiary of Select Investments Limited. The transaction was supported by legal advisors Baker McKenzie and Wisefields, ensuring the seamless completion of this milestone deal.-TradeArabia News Service