Shangri-La Dubai Hotel Tower has sold for AED700.2 million. ($190.62 million) according on an auction website. The 42-storey tower on Sheikh Zayed Road. The hotel is owned by Abu Dhabi based family-owned conglomerate Al Jaber Group.

‘We wish to assure our guests and business partners that it is business as usual at Shangri-La Hotel, Dubai. A potential change in ownership doesn’t necessarily have an immediate impact on our management agreement. Guests can continue to look forward to the high quality of service excellence that the Shangri-La Group is known for. We have been operating successfully in the region since 2003 and are committed to growing our presence in the UAE and the Middle East.’