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Abu Dhabi-based Eshraq Investments has resolved to sell its Dubai Marina property Nuran Marina Hotel, noting an increase in its profitability.
The company said in an Abu Dhabi Securities Exchange (ADX) statement that its board had passed a resolution on the sale of the property, which it acquired from Dubai-based real estate company Emaar in 2012, according to reports.
Eshraq said in its second quarter profit statements last month that Nuran Marina had achieved 94% occupancy in the year to date.
The company announced last year that it would ‘fully monetise’ its land bank, selling it or redeveloping it for sale, as part of a new strategy.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
