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.
Reuters reported that ADNH
is only seeking to buy the hotel buildings and not Emaar's schools or clinics.
's weight in the ADX index is only one per cent, so its impact on the overall market sentiment is marginal," he added.
interests include a range of moderate to luxury hotels in addition to ADNH
Travco, the companyCOs travel and tourism arm and its transportation business Al Ghazal.
Abu Dhabi National Hotels (ADNH
) is getting serious about its F&B -and to that effect has launched its F&B asset management division, headed up by Julide Ozbilge Nuss.
'We are very keen to complete the construction of this iconic resort and spa in time for its opening in 2010,' said Saif Mohammed Al Hajeri, chairman of ADNH
"In this new development we thought, let's develop an F&B destination, Venetian Village, and we will manage this directly through ADNH
," comments Ignace Bauwens during an interview with Hotelier Middle East at the recently launched Japanese restaurant Inakaya - the third for the brand in the world, with the other two located in New York and Tokyo.
CEO Khalid Anib revealed that the division is already operating one property in Dubai, but he would not say which hotel group and added that franchising or third-party management is the future of the Middle East.
The news comes four months after Emaar Hospitality formally announced the sale in November last year of five Dubai Hotels -- Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown, and Manzil Downtown -- to ADNH
For one, there is the ongoing Dh2.2 billion deal by which ADNH
(Abu Dhabi National Hotels) is to pick up Emaar Hospitality's hotel assets in Dubai .
LONDON: C C Emaar Hospitality Group is to sell five of its hotels -- including the iconic Address Dubai Mall and Address Boulevard -- to Abu Dhabi National Hotels (ADNH
), the company said on Tuesday.
Emaar Properties has announced that its wholly-owned hospitality and leisure business subsidiary, Emaar Hospitality Group, has signed a deal to divest its economic interest in 5 Dubai hotels to Abu Dhabi National Hotels (ADNH
), one of the biggest hotel owners in the UAE's capital city.