Emaar is selling some of its hotels. According to Address Dubai Mall, the UAE property developer will be selling five of its hotel buildings.
Property Developer Emaar to Sell Hotels
Emaar, the developer of Burj Khalifa, announced that it will be divesting its “entire economic interest” in at least five of its hotels in Dubai. This will be taken over by Abu Dhabi National Hotels, the team behind a lot of hospitality properties in Dubai. The property developer will be selling Address Dubai Mall, Address Boulevard, Address Dubai Marina, Manzil Hotel and Vida Downtown. This totals around 1,000 rooms and they all are located in Downtown Burj Khalifa.
Mohammed Alabbar, Chairman of Emaar Properties, explained that the company’s hospitality business has grown a lot since 2007 it plans to unlock its true potential by moving to a lighter asset model.
At the moment, it’s not clear how much the company is selling the five properties four. However, the deal is expected to close either at the end of this year or the start of next year. Emaar has already announced that a large payout would be distributed to its shareholders. Between January and June 2018, the company made a net profit of Dh1.82 billion and a revenue of nearly Dh7 billion.