Dubai, Palm Jumeirah | 5-Star Hotel | AED 700M — Is 9.2% ROI competitive?

I’m reviewing a fully operational, dry 5-star hotel on Palm Jumeirah.

• 255 rooms
• Completed in 2017
• Asking price: AED 700 million
• Headline ROI: 9.2%

For institutional hotel investors, would this return profile be considered competitive at this price point, or would the location and operating structure need to provide additional upside?