Dubai hotel changes hands in rare deal for Gulf state - Independent.ie:
"A private-equity fund operated by Oman's Bank Muscat SAOG has bought the 294-room Moevenpick Hotel at Dubai's Jumeirah Beach Residence.
The property, which opened in March 2010, had been owned by Dubai-based Faran. Jihad Hazzan, Faran's managing director, declined to comment when contacted. A spokesman for Bank Muscat didn't immediately respond to an email seeking comment.
Gulf investors, known for roaming Europe and the US in search of hotels to buy, have made few purchases in their own region. The sale of the Ritz Carlton Hotel by Union Properties PJSC in 2011 to an undisclosed buyer was one of few sales made in Dubai and was driven by a need to repay debt.
Few operating hotels in the region change hands because most are owned by wealthy families and individuals with little motivation to sell, said Matthew Green, head of United Arab Emirates research at CBRE."
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