Mubasher: Knight Frank MENA concluded the sale of Mövenpick, Jumeirah Beach Residences Dubai, on behalf of Bank Muscat, according to a press release.
Bank Muscat managed the investment assets for several large regional shareholders, including sovereign wealth funds.
The landmark transaction was institutionally run in a process format, on behalf of the bank by the Knight Frank MENA Capital Markets team.
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, and logistics, among others.
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.”
