Bank Muscat Fund Said to Buy 294-Room Dubai Moevenpick Hotel
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A private-equity fund operated by Oman’s Bank Muscat SAOG bought the 294-room Moevenpick Hotel at Dubai’s Jumeirah Beach Residence, three people with knowledge of the deal said.
The property, which opened in March 2010, had been owned by Dubai-based Faran LLC. Jihad Hazzan, Faran’s managing director, declined to comment when contacted by Bloomberg today. A spokesman for Bank Muscat didn’t immediately respond to an e-mail seeking comment.