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Dubai developer Emaar has sold one of its latest additions to Downtown Dubai, the Address Sky View hotel, for 750 million UAE dirhams ($204 million).
The 169-room five-star property, located next to the Dubai Metro station near Burj Khalifa, was sold approximately one year after opening its doors in December last year.
The sale transaction, which involves the disposal of 100 percent of the shares of the subsidiary ASV Group Limited, is in line with the developer’s “assets light strategy”, Emaar said in bourse filing at the Dubai Financial Market (DFM) on Wednesday.
“The company decided to divest this asset because it is in line with the assets light strategy for company’s hospitality assets,” Emaar said.
The UAE’s biggest-listed real estate developer sold last year five of its hotel properties, including the flagship Address Dubai Mall and Address Boulevard, to Abu Dhabi National Hotels.
The value of the latest transaction represents 1.4 percent of the company’s net assets.
Emaar said the deal was executed on December 31, 2020 and is expected to close on January 15 this year.
The developer clarified that it will continue to retain the ownership of the hotel’s sky bridge restaurant.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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