Emaar signs deal to sell five ho­tel as­sets to Abu Dhabi Na­tional Ho­tels

Gulf Business - - NEWS AND VIEWS -

Dubai-based Emaar Prop­er­ties an­nounced that its hospi­tal­ity sub­sidiary Emaar Hospi­tal­ity Group has signed “de­fin­i­tive doc­u­men­ta­tion” with Abu Dhabi Na­tional Ho­tels (ADNH) to di­vest its en­tire eco­nomic in­ter­est in a port­fo­lio of five ho­tels in Dubai.

In a bourse state­ment, both Emaar and ADNH an­nounced that the trans­ac­tion closing is sub­ject to meet­ing var­i­ous con­di­tions and is ex­pected to oc­cur in late 2018 or early 2019.

The port­fo­lio of five ho­tels in­cludes Ad­dress Dubai Mall, Ad­dress Boule­vard, Ad­dress Dubai Ma­rina, Vida Down­town and Manzil Down­town, to­gether with about 1,000 ho­tel rooms. Un­der the deal, ADNH will en­ter into long-term man­age­ment agree­ments with Emaar Hospi­tal­ity Group to con­tinue op­er­at­ing the as­sets un­der its Ad­dress Ho­tels + Re­sorts and Vida Ho­tels and Re­sorts brands. Mo­hamed Alab­bar, chair­man of Emaar Prop­er­ties, said: “Emaar’s hospi­tal­ity busi­ness has recorded ro­bust growth since its in­cep­tion in 2007 and mov­ing to an as­set-light model will en­able the busi­ness to un­lock its true po­ten­tial.” Sheikh Ahmed Mo­hammed Sul­tan Suroor Al Dha­heri, vice chair­man at ADNH said: “This trans­ac­tion will strengthen our pres­ence in Dubai and will ex­pand our cur­rent lux­ury port­fo­lio of hospi­tal­ity as­sets which com­prise the Ritz Carl­ton Abu Dhabi Grand Canal, The Park Hy­att in Saadiyat Is­land and Sof­i­tel JBR in ad­di­tion to our up­per and up­scale prop­er­ties namely, Le Meri­dien, Sher­a­ton and the two Hil­tons in the Abu Dhabi Emi­rate (cur­rently un­der re-brand­ing to Radis­son Blu).

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