Emaar Hospitality Group, the hospitality and leisure business subsidiary of Dubai-listed Emaar Properties, has agreed to divest its entire stake in a portfolio of five hotels in Dubai to Abu Dhabi National Hotels (ADNH).
The transaction closing is subject to meeting various conditions and is expected to occur in late 2018 or early 2019, Emaar said in a statement on Tuesday.
The portfolio of five hotels consists of Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown, together with about 1,000 hotel rooms.
ADNH will enter into long-term management agreements with Emaar Hospitality Group as part of the transaction, in order to continue operating the assets under is Address Hotels + Resorts and Vida Hotels and Resorts brands, the statement 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,” said Mohamed Alabbar, chairman of Emaar Properties.
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