Knight Frank MENA Completes Sale Of The 5-Star Hotel, Movenpick Jumeirah Beach Residences, Dubai

Oman headquartered Bank Muscat has successfully concluded the sale of Mövenpick, Jumeirah Beach Residences Dubai.  Bank Muscat was managing the investment asset for a number of large regional shareholders including sovereign wealth fund(s).

The landmark transaction was structured and executed by the leading property consultancy, Knight Frank MENA, acting exclusively on behalf of the Bank. The iconic hotel was bought by A. A. Al Moosa Enterprise (ARENCO Group), a large UAE private family conglomerate with interests in real estate, hospitality, automotive, design, interiors, logistics, commercial laundry etc.

Situated at the core of JBR – one of Dubai’s most sought-after retail, hospitality and entertainment destinations, the hotel commenced operations in 2010 and features 297 rooms along with housing popular bars and multiple dining hotspots.

The hotel was acquired by the Bank led SPV in 2014 and the sale represents another milestone in delivering superior returns to its investors.

The buyer, ARENCO Group – www.aaagroup.com  already owns more than 15 other hotels operated by Hilton, Marriott, Accor, IHG and TAJ in UAE/Oman.  It also owns and operates five hotels / hotel apartments under its own Golden Sands brand.

The sale was institutionally run in a process format, on behalf of the Bank by the Knight Frank MENA Capital Markets team. Talking about the sale:

Andrew Love, Regional Partner – Head of Capital Markets, Knight Frank MENA, commented: “The transaction garnered strong interest from both institutions and private family groups, being a recognisable and top performing hotel in a Tier A location. The sale further cements Dubai’s place as a regional hub for real estate capital deployments”.

Abhishek Segal, Partner – Capital Markets, Knight Frank MENA, who led the sale, mentioned: “The successful completion of the transaction is another testament to Knight Frank’s deal structuring capabilities given the complex ownership structure. Running an arm’s length sales process helped maximise the value for our client (the Bank)”.

The successful sale of Movenpick JBR reaffirms Dubai’s standing as a premier destination for premium real estate investment and highlights Knight Frank’s capabilities in managing high-value transactions.