Brookfield reportedly eyeing acquisition of Sofitel Dubai The Palm

Brookfield Asset Management is reportedly in negotiations to acquire Sofitel Dubai The Palm, a luxury hotel located on the island of Palm Jumeirah.

The potential deal may place the property's value at approximately Dh2bn ($545m), reported Bloomberg, citing people familiar with the matter.

In the event the purchase is finalised, it would represent Brookfield's initial foray into Dubai's hotel market.

However, discussions are still in progress and there is no guarantee that an agreement will be secured, said the report.

The 546-room luxury hotel is currently operated by French hospitality giant Accor.

The development comes as Dubai recorded 8.68 million overnight guests between January and May 2025, marking a 7% rise from the same period in the previous year, according to the Tourism Performance Report by the Government of Dubai.

The city's average hotel occupancy rate rose to 83%, while the total number of room nights sold grew by 4% on an annual basis, reaching 19.09 million.

Revenue per available room in Dubai also escalated to Dh513, representing a 7% increase compared to the same timeframe last year.

Brookfield has been actively investing in the Middle East, with a focus on infrastructure, real estate, and private equity, stated the publication.

In May, Brookfield entered a joint venture with Abu Dhabi-based asset management company Lunate, committing $1bn to residential real estate investments in the region.

Brookfield is also exploring the possibility of initiating its inaugural mixed-use residential project in Dubai Hills, as reported by the publication.

"Brookfield reportedly eyeing acquisition of Sofitel Dubai The Palm" was originally created and published by Hotel Management Network, a GlobalData owned brand.

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