Dubai-based Select Group has acquired the Radisson Blu Hotel Dubai Media City for AED 200 million ($54.5 million), marking the highest-recorded hotel sale in Dubai’s Media Free Zone. The transaction, brokered by Knight Frank MENA, highlights the continued strong investment appeal of Dubai’s hospitality sector, which has seen twelve hotel transactions in the past 18 months, with Knight Frank handling nine of them.
Strategic Expansion and Redevelopment Plans
As part of its expansion strategy, Select Group plans to undertake a comprehensive refurbishment of the business-centric hotel, which is situated near the regional headquarters of META, Pfizer, Samsung, and Mastercard. The renovation will focus on upgrading rooms, public areas, and food and beverage venues to fill what Select Group identifies as a critical gap in Media City’s hospitality offerings.
Rahail Aslam, Founder and Chairman of Select Group, emphasized the significance of the acquisition:
“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. The property will undergo a comprehensive refurbishment to enhance the experience for both travelers and residents.”
Dubai’s Hospitality Sector Continues to Attract Investment
Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank MENA, highlighted the broader market implications of the transaction:
“The sale of the Radisson Blu Hotel, Dubai Media City 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.”
The purchase was executed through Select M City Limited, a subsidiary of Select Investments Limited, with Baker McKenzie and Wisefields serving as legal advisors.
Select Group’s Expanding Portfolio
With a development portfolio exceeding 20 million square feet and a Gross Development Value (GDV) of AED 35.2 billion, Select Group continues to strengthen its presence in Dubai’s luxury hospitality and real estate sectors. The company has delivered over 7,000 homes and has 6,000 additional units in the pipeline, reinforcing its role as a major player in Dubai’s property development landscape.
This acquisition further solidifies Select Group’s commitment to enhancing hospitality experiences in key locations, ensuring long-term growth and value creation in the sector.