Emaar sells key hotel to Abu Dhabi company
Dubai, September 29, 2012
Dubai's Emaar Properties, the builder of the world's tallest tower, has sold one of its hotel assets to an Abu Dhabi-based real estate firm Eshraq Properties for an undisclosed amount.
Eshraq Properties said in a statement on Saturday that it has acquired Nuran Marina, a serviced hotel apartment owned by Emaar and located in the up-market Dubai Marina area.
Emaar was not immediately available for comment.
Dubai's largest developer has looked to shift away from its home market where real estate prices have slumped by more than 60 per cent in the aftermath of the debt crisis in 2009.
Emaar's chairman, Mohammed Alabbar, had denied reports in October last year that it was looking to offload its Al Manzil and Qamaradeen hotels.
The developer announced plans this month to build a new hotel in the Dubai's high-end Downtown area, its first major hotel project since the property crisis.
Eshraq, which has assets of about Dh1.5 billion ($408.2 million), listed on the Abu Dhabi Securities Market in September last year. It raised Dh825 million in an over-subscribed initial public offering (IPO).
Eshraq said it would carry on with its strategy to acquire other real estate projects in the country.-Reuters