IFA Hotels in talks to sell Fairmont Hotel for $350m
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IFA Hotels in talks to sell Fairmont Hotel for $350m

IFA Hotels in talks to sell Fairmont Hotel for $350m

Kuwait-based IFA Hotels and Resorts is in talks with several Middle East investors to sell the Fairmont hotel on Palm Jumeirah, Bloomberg has reported. The company wants to raise about $350m from the sale of the 381-room property, which opened on the Palm Jumeirah in January, said head of hotels in the Middle East and Africa at Jones Lang LaSalle's hotel unit, Gabriel Matar. A deal could be completed in the third quarter of this year, said Matar. The five-star hotel has 460 metres of beach front, seven restaurants and cafes, 2,200 sq m of meeting and conference facilities, as well as a 1,600 sq m spa.

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