Earlier in the day, Hezbollah has confirmed the death of its leader Hassan Nasrallah
mena13 hours ago
Emaar Properties on Wednesday confirmed the disposal of 100 per cent of the shares of its subsidiary ASV Group, which is the owner of the 169-key Sky View hotel, in transaction valued at Dh750 million.
Emaar Properties confirmed the sale in a note on the Dubai Financial Market (DFM), where it is listed. The note clarified that the hotel management agreement is with Emaar’s Address, which will retain ownership of the sky bridge restaurant. The developer clarified that the reason it has decided to divest its asset is because “it is in line with the assets light strategy for company’s hospitality assets.”
Emaar Properties, Emaar Hospitality Group, Address Skyview, and Evergreen Hospitality were the parties involved in the transaction. According to the update on the DFM, the date of the signing of the transaction deal was October 8, 2020, and the execution was on December 31, 2020. The expected closing date of the deal is on January 15, 2021. The transfer of ownership of the subsidiary owning the assets to the buyer has been completed, but the share transfer of the company owning the hotel operations is yet to be fully completed.
In 2018, Emaar Hospitality Group announced that it was selling five of its hotels, including the flagship Address Dubai Mall and Address Boulevard, to Abu Dhabi National Hotels (ADNH) in a Dh2.2 billion deal. The other three hotels included the Address Dubai Marina, Vida Downtown and Manzil Downtown; all together, the five properties account for around 1,000 hotel rooms.
rohma@khaleejtimes.com
Earlier in the day, Hezbollah has confirmed the death of its leader Hassan Nasrallah
mena13 hours ago
Authorities said at least 254 people have died and 65 missing in landslides, floods and lightning strikes since mid-June when the annual monsoon rains started
asia13 hours ago
The Bollywood awards night will see one of the most celebrated actors in the world taking the stage after several years
entertainment13 hours ago
In an interview ahead of his much-awaited IIFA performance, the Bollywood star talks about embracing fatherhood, his craft and more
entertainment14 hours ago
The actor, who recently dropped the single 'Ittefaq', shared the stage with 'Challeya' singer Shilpa Rao
entertainment14 hours ago
Fame is a double-sided coin, she explains
entertainment14 hours ago
The mission has supported more than 4,000 service seekers as part of this initiative
visa and immigration in uae15 hours ago
Experts recommended exploring the idea of further reducing working hours to see if it brings even more benefits
jobs15 hours ago