Emaar sells hotel to Abu Dhabi firm

Emaar sells hotel to Abu Dhabi firm

Dubai's largest developer has looked to shift away from its home market where real estate prices have slumped by more than 60 percent in the aftermath of the debt crisis in 2009.

September 29, 2012 4:33 by Reuters

Dubai’s Emaar Properties , the builder of the world’s tallest tower, has sold one of its hotel assets to an Abu Dhabi-based real estate firm for an undisclosed amount.

Eshraq Properties said in a statement on Saturday that it has acquired Nuran Marina, a serviced hotel apartment owned by Emaar and located in the up-market Dubai Marina area.

Emaar was not immediately available for comment.

Dubai’s largest developer has looked to shift away from its home market where real estate prices have slumped by more than 60 percent in the aftermath of the debt crisis in 2009.

Emaar’s chairman, Mohammed Alabbar, had denied reports in October last year that it was looking to offload itsAl Manzil and Qamaradeen hotels.

The developer announced plans this month to build a new hotel in the Dubai’s high-end Downtown area, its first major hotel project since the property crisis.

Eshraq, which has assets of about 1.5 billion dirhams, listed on the Abu Dhabi Securities Market in September last year. It raised 825 million dirhams ($225 million) in an over-subscribed initial public offering (IPO).

Eshraq said it would carry on with its strategy to acquire other real estate projects in the country.