A new fund managed by the asset management division of Bank Muscat has made a luxury hotel in Dubai its first acquisition.
Bank Muscat GCC Property Income Fund, which was launched earlier this month to harness opportunities in the property market, has bought Movenpick Hotel Jumeirah Beach, a five-star hotel located in the prestigious beachfront area of Jumeirah Beach Residence in Dubai.
"Dubai's hotel property markets are witnessing acceleration in growth and the fund is optimistic about generating a superb cash yield to its investors," said AbdulRazak Ali Issa, chief executive of Bank Muscat.
Global law firm Dentons said it advised on the sale of the Movenpick Hotel, without disclosing the value of the deal.
Commenting on the transaction, Iain Black, Dentons' corporate partner, said: "We are delighted to have advised the owners on this important transaction which is one of the few luxury hotel sales in the UAE in recent years and reflects the growing momentum in the GCC hotel sector in the run up to Expo 2020 and Qatar 2022.
Dentons has also advised on hotel projects such as Etihad Towers, Atlantis the Palm, Barr Al Jissah Resort & Spa and the W Hotel Palm Jumeirah.
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