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Emaar Properties announced that its fully owned hospitality and entertainment company, Emaar Hospitality Group, has signed the final documents with Abu Dhabi National Hotels for the sale of its entire economic interest in a portfolio of five hotels in Dubai.
The parties announced that the conclusion of the transaction was subject to the fulfillment of several conditions. It should be finalized by the end of 2018 or early 2019.
The hotel portfolio includes Dubai Mall, Address Boulevard, Dubai Marina, Vida Downtown and Downtown, totaling approximately 1,000 rooms.
As part of the deal, Abu Dhabi's national hotels will enter into long-term management agreements with the Emaar Hospitality Group, which will continue to operate assets under the Aladdin Hotels & Resorts and Vida Hotels & Resorts brands.
"The hotel business of Emaar has grown significantly since its launch in 2007," said Mohammed Alabbar, chairman of the board of Emaar Properties. "The move to asset management will make the most of the real capabilities of the company.
Sheikh Ahmed Mohammed Sultan Sorour Al Dhahiri, Vice President of Abu Dhabi National Hotels, said: "This transaction will strengthen our presence in Dubai and expand our portfolio of luxury hotel assets, including the Grand Canal Ritz Carlton. Abu Dhabi and the Saadiyat Park Hyatt Island "and" Sofitel Jumeirah Beach Residence ", as well as our range of luxury hotels such as Le Meridien, Zeratoon and Hilton hotels in the area. Emirate of Abu Dhabi (being transformed into "Radisson Blu") Hotels are also present in the resorts of Egypt and Morocco.
Our company has more than forty years of history and we are always striving to continue to grow and improve our value for our shareholders. I am confident that the ongoing partnership with the Emaar Hospitality Group will be a powerful growth driver for both companies in the next phase.
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