Clifford Chance has advised Meydan Group on the deal, while White & Case has advised FIVE Holdings.
Meydan Group sold the Meydan Beach Hotel project, a partially completed hotel and residences project on JBR beach in Dubai. FIVE Hotels and Resorts has purchased the project and will operate it as a “FIVE Beach” branded property following completion. The move will allow FIVE Hotels and Resorts to take up a privileged position on the prestigious JBR beachfront within Dubai Marina, with views of some of Dubai’s most well known landmarks, including the Palm Jumeirah and Ain Dubai.
Due to open in 2023, the beach-front property will have 227 suites, 102 serviced residences, culinary and nightlife venues, a spa, a social pool and a private beach.
FIVE Holdings is a Dubai-based real estate group that offers a wide range of services across four key verticals – development, hospitality, restructuring and investment.
The Clifford Chance team was led by partner Tariq Imam (Picture – real estate) and supported by counsel Inaamul Laher (construction), senior associates Richard Cameron (real estate) and Anthony Matsis (finance), and associate Mahmoud Elbanhawi (finance).
The White & Case team which advised on the transaction was led by local partner Louise Vun (Dubai) and included partner Ibaad Hakim (Abu Dhabi) and associate Mohammed Basama (Doha).
Involved fees earner: Richard Cameron – Clifford Chance; Mahmoud ElBanhawi – Clifford Chance; Tariq Imam – Clifford Chance; Inaamul Laher – Clifford Chance; Anthony Matsis – Clifford Chance; Mohammed Basama – White & Case; Ibaad Hakim – White & Case; Louise Vun – White & Case;