Among
the noteworthy deals of the past week was IFA Hotels and Resorts’ sale of the
Fairmont The Palm in Dubai to a unit of Arzan Financial Group for $325 million.
DUBAI
—Kuwait and Duisburg, Germany-based IFA Hotels and Resorts is selling the
Fairmont The Palm in Dubai for $325 million after entering into a sale and
purchase agreement with a unit of Kuwait-based investment firm Arzan Financial
Group (AFG), according to Zawya.
Arzan
Investment Management’s (AIM) acquisition of the 391-key property will serve as
a catalyst for the establishment of its new GCC Hospitality Fund platform. This
acquisition follows AIM’s recent purchase of the VOCO Bonnington in Dubai in
the fourth quarter of 2024.
The
transaction is subject to conditions, with a closing expected in the coming
months.
IFA Hotels
is a subsidiary owned by Kuwait’s International Financial Advisors (IFA).
To download
our list of deals from the past week in Excel format, click here.