Emaar Hospitality, one of the subsidiaries of Emaar Properties, the leading UAE-based developer, announced that it is going to sell five of its hotels to Abu Dhabi National Hotels group for an unannounced value.
The five hotels to be acquired by the Abu Dhabi-based group are Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown, and Manzil Downtown. The new deal will add 1,000 keys to Abu Dhabi National Hotels group’s portfolio.
In his comment on the acquisition, Sheikh Ahmed Mohammed Sultan Suroor Al Dhaheri, vice chairman of Abu Dhabi National Hotels group explained that the new properties will help grow its brand and presence in Dubai as well as their contribute to its portfolio which contains some of the best landmarks in Abu Dhabi like Ritz Carlton Abu Dhabi Grand Canal, and Sofitel JBR.
On the other hand, Mohamed Alabbar, chairman of Emaar Properties group commented that this decision will help the developer’s hospitality to grow and achieve its true potential. Alabbar added that they will have a management agreement with Abu Dhabi National Hotels group to keep the five sold hotels under the current branding.