JLL Hotels & Hospitality has announced that Kingdom Hotel Investments (KHI) has purchased the Moevenpick Hotel & Apartments in Dubai, UAE, for $95m.

JLL Hotels & Hospitality vice-president Amr El Nady said: "The sale represents a significant milestone for JLL in the region as it is the first open market hotel transaction to have taken place in Dubai.

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"The sale represents a significant milestone for JLL in the region as it is the first open market hotel transaction to have taken place in Dubai."

"It follows the sale of Movenpick Jumeirah Beach Residence earlier in the year in a transaction also conducted by JLL and highlights the appetite that exists from the investment community for strategic investment opportunities within Dubai’s vibrant tourism market."

Situated between Dubai International Airport and Downtown Burj Khalifa, the property is near to the major retail and business precincts of Dubai.

It includes 255 guestrooms and suites, 57 apartments, spacious public areas, different food and beverage outlets, as well as meeting and function spaces.

JLL Hotels & Hospitality executive vice-president Nihat Ercan 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."

Dubai is said to benefit from a balanced mix of key demand generators in the corporate, MICE and leisure sectors.