Emaar clarifies its position on sale of certain hotel assets

Posted on 1st November 2018

Emaar clarifies its position on sale of certain hotel assets
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According to *Constructionweekonline news report, Emaar has formally clarified its position on the sale of certain hotel assets following separate media reports that Abu Dhabi National Hotels is in talks to buy some hotel assets from the Dubai development giant.

In a letter submitted to Dubai Financial Market (DFM) on 1 November 2018, Emaar said: “With reference to media reports published yesterday regarding the sale of hotel assets by Emaar, we would like to clarify that the company is in discussion with a number of parties for the sale of certain hotels.

“[Emaar] will announce the relevant details if these discussions materialise to a final transaction.”

The filing came hours after separate media reports claimed Emaar is in talks with specific companies in regards to sales of certain hospitality assets. Citing sources, Reuters on 31 October 2018 reported that Abu Dhabi National Hotels (ADNH), one of the largest hospitality asset-owners in the UAE capital city, was “in talks to buy some hotel buildings from Dubai’s Emaar Properties”.

ADNH “has been in advanced discussions with Emaar over the last two months”, the news outlet added, noting too that Emaar would continue to manage the hotels.

The news comes nearly three months after Expo 2020 Dubai selected Emaar Hospitality Group (EHG) as its official hotel and hospitality partner, a significant achievement for the Emaar Properties subsidiary.

Under the deal announced on 8 August 2018, EHG will provide “provide authentic experiences with a strong local flavour at various locations across the Expo 2020 site, including VIP clubs and lounges, as well as in its hotels and restaurants in Dubai”.

*News source: http://www.constructionweekonl...

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