Select Group, a leading global property developer, has announced the acquisition of the Radisson Blu Hotel, Dubai Media City, in a landmark transaction valued in excess of AED 200m+. The deal, brokered by Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank MENA, represents the highest recorded hotel sale transaction in Dubai’s Media Free Zone.
The Radisson Blu Hotel occupies a prime location in Dubai, surrounded by global corporate headquarters, including META, Pfizer, Samsung, and Mastercard. Select Group plans to embark on a comprehensive refurbishment of the property, with a focus on enhancing its food and beverage offerings to address a critical gap in the area’s hospitality landscape, as well as enhancing all the accommodation and other public areas to cater to the strong demand generators through the corporate catchment.
Commenting on the acquisition, Rahail Aslam, Founder & Chairman of Select Group, said: “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.
This addition to our hospitality portfolio signifies a key step in our growth journey. As part of our vision, the property will undergo a comprehensive refurbishment program for rooms, public areas and food & beverage venues to enhance the experience for travellers and residents. Our upgrades aim to create dynamic offerings that meet evolving demands, solidifying our dedication to excellence in hospitality.”
Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank MENA, added:“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.
This deal marks Knight Frank’s 9th hotel transaction in Dubai in the last 18 months, out of the 12 hotels that have exchanged hands in the same time period, reflecting the team’s expertise and stronghold across this asset class. Knight Frank has been privileged to be at the forefront of these transactions, showcasing the strong investor confidence in Dubai’s hospitality sector and its unparalleled growth trajectory.”
The property was acquired by Select M City Limited, a subsidiary of Select Investments Limited. The transaction was supported by legal advisors Baker McKenzie and Wisefields, ensuring the seamless completion of this milestone deal.
Select Group’s refurbishment plans will position the Radisson Blu Hotel, Dubai Media City, as a leading destination within Dubai’s thriving hospitality and business ecosystem, further solidifying the area’s reputation as a global hub for media, marketing and digital innovation.
