Brookfield Asset Management (NYSE:BAM) is in discussions to reach a deal to buy a luxury hotel run by French hospitality group Accor SA (OTCPK:ACRFF) (OTCPK:ACCYY) on Dubai’s Palm Jumeirah, Bloomberg News reported, citing people familiar with the matter.
A potential transaction for the 546-room property Sofitel Dubai The Palm, located on the artificial island, could be worth about 2B dirhams ($545M), according to the people who requested anonymity, as the information is not public.
However, details about the hotel’s ownership were not available. The discussions are ongoing, and there is no certainty that the parties will finalize a deal.
A potential deal will make Sofitel Dubai The Palm, Brookfield’s (NYSE:BAM) first hotel investment in Dubai, where a recent property boom has attracted institutional capital.
In May, Bloomberg News reported that the New York-based asset manager is weighing plans for a mixed-use development project in the Dubai Hills neighborhood, which would be its first residential real estate investment in the emirate.
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