Dubai’s Radisson Blu Media City sold to Select Group in $54.5mn deal

The transaction, brokered by Knight Frank MENA, comes as Dubai’s hospitality sector continues to attract significant investment. The deal represents Knight Frank’s ninth hotel transaction in Dubai over the past 18 months, out of twelve total hotel sales in the emirate during that period.

Select Group plans to undertake a comprehensive refurbishment of the property, which is situated near the regional headquarters of major corporations including META, Pfizer, Samsung, and Mastercard. The renovation will focus on enhancing food and beverage offerings to address what the company identifies as a critical gap in the area’s hospitality landscape.

“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,” said Rahail Aslam, Select Group’s founder and chairman.

“As part of our vision, the property will undergo a comprehensive refurbishment program for rooms, public areas and food and beverage venues to enhance the experience for travellers and residents.”

“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,” said Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank MENA.

“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 property was purchased through Select M City Limited, a subsidiary of Select Investments Limited, with Baker McKenzie and Wisefields serving as legal advisors.

Select Group’s development portfolio comprises over 20 million square feet of property with a combined Gross Development Value (GDV) exceeding AED 35.2 billion. The company has delivered over 7,000 homes and has another 6,000 units in the pipeline.