KHALEEJ TIMES, Thursday, Jan 7, 2021 | Jamadi Al Awwal 23, 1442
Emaar sells Sky View Hotel, retains ownership of sky bridge restaurant
Emirates:
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.
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