Dubai Holding, an investment firm owned by the emirate’s ruler, is in talks to sell the local branch of Nikki Beach resort, according to people familiar with the matter, as the city cashes in on an influx of tourists and newcomers.
Nikki Beach Resort & Spa Dubai, a luxurious beach club that includes 117 rooms, 15 ultra-deluxe villas and 63 private residences on the Pearl Jumeira waterfront development, is being valued at about 800 million dirhams ($218 million) in the discussions, the people said, asking not to be identified because the talks are private.
Nikki Beach is working with Jones Lang LaSalle Inc. on the potential sale and the property consultant is arranging talks with interested parties, the people said. Deliberations are ongoing and there is no certainty a deal will go ahead, they said.
A representative for Dubai Holding wasn’t immediately available to comment. Representatives for Nikki Beach and JLL declined to comment.
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