The portfolio of five hotels includes Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown. Dubai-based Emaar Properties announced that its hospitality subsidiary Emaar Hospitality Group has signed “definitive documentation” with Abu Dhabi National Hotels (ADNH) to divest its entire economic interest in a portfolio of five hotels in Dubai.
In a bourse statement, both Emaar and ADNH announced that the transaction closing is subject to meeting various conditions and is expected to occur in late 2018 or early 2019. The portfolio of five hotels includes Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown, together with about 1,000 hotel rooms. The Address Downtown hotel, which was reopened in June this year following its closure due to a blaze on New Year’s eve in 2015, is not part of the transaction.
