JLL Hotels & Hospitality announced on behalf of Kingdom Hotel Investments (KHI) has sold the Movenpick Hotel & Apartments located in Bur Dubai, Dubai to a leading UAE-based investment group for a gross consideration of $95 million.

Strategically located between Dubai International Airport and Downtown Burj Khalifa, the property is situated just a few minutes from the major retail and business precincts of Dubai and features 255 guestrooms and suites, 57 apartments, spacious public areas, a range of food and beverage outlets, as well as ample meeting and function space.

Nihat Ercan, Executive Vice President JLL Hotels & Hospitality said, “We are delighted to announce the sale which reinforces our continued long-term relationship with the vendor and follows four other strategic disposals across Asia and the Indian Ocean that JLL’s Hotels and Hospitality Group has orchestrated as exclusive advisor to KHI.”