Dubai Marina hotel on the market for $95m

A Dubai-based real estate agent has advertised a 22-storey hotel property in Dubai Marina for sale, complete with a price tag of AED350m ($95m), Arabian Business has learned.

Located in the popular Dubai Marina area, the 462,340 sq ft property is a 22-storey hotel building, including 22 studio apartments, 74 one-bedroom apartments, 56 two-bedroom apartments and three retail units.

Additional selling points advertised include 170 parking spaces, a pool, spa and gym for the property advertised as a five-star hotel.

When contacted by Arabian Business, the sales agents representing the hotel’s owners refused to name the property, but said it is currently in operation and open for business.

Hotels matching the description and operating in the Marina area include the Radisson Blu Residence and the MiNC Marina Hotel Apartments.

The Kuwait-based owners of the Radisson Blu building failed to reply to emails and calls to confirm whether the property is for sale.

A statement from hotel operators Rezidor, the Belgian hotel group which owns the Radisson Blu brand, said the hotelier “manages properties on behalf of its owners [and] it does not have any involvement in the sale of the properties it operates.

“As we do not own the real estate aspect of the hotel, we are not in a position to comment on such transactions,” the company said in a statement.

A Dubai-based hotel analyst, who declined to be named, said it was commonplace for hotel owners to sell their properties without informing the management company.

The price of the hotel works out to AED7,570 ($2,061) per sq ft. This is significantly higher than the AED5,000 ($1,361) per sq ft asking price for apartments in Dubai’s Burj Khalifa, revealed by Colliers in November.