Emaar considers IPO timing of hospitality unit due to ‘market conditions’

Emaar Properties, the region’s largest property developer, said the timing of the initial public offering of its subsidiary Emaar Hospitality relies on market conditions.

“We are watching the markets closely and will take a decision to list at the appropriate time,” the developer said in a statement to Dubai Financial Market.

The company has not yet appointed a financial advisor to manage the planned IPO, Emaar added in the statement.

Bloomberg recently quoted sources as saying that Emaar Properties is planning to float the shares of Emaar Hospitality, its hospitality and hotel arm, during the second half of 2015, according to the data available on Argaam.

Emaar Hospitality is a wholly owned subsidiary of the Dubai-based developer. The company business manages about 18 hotels, including Armani Dubai. It also ​owns hotel brands inside and outside the United Arab Emirates, including The Address Hotels, Dubai Inn, and the recently launched Rove Hotels.