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Dubai Holding’s DIC sells hotel operator Ishraq
DIC sells Ishraq Dubai stake to Almulla Group; Private equity arm has been shedding assets recently; DIC is restructuring $2.6 bln in debt
October 2, 2011 1:45 by Reuters
Dubai International Capital , the private equity arm of Dubai Holding, has sold hotel operator Ishraq Dubai to diversified firm Almulla Group, the latest disposal in its drive to cut its $2.6-billion debt pile.
DIC, which is owned by the ruler of Dubai, did not disclose a value for the deal.
Ishraq Dubai owns four hotels in Dubai operating under the Holiday Inn Express franchise, and Almulla, which also has interests in healthcare, real estate and banking, has a portfolio of major hotels in the emirate including the Ritz Carlton Dubai, Sheraton Dubai Creek Hotel & Towers.
DIC has exited some of its investments recently. In March, it sold its 45-percent stake in valve maker KEF Holdings Inc for $178 million and in June, DIC’s Jordan Dubai Capital sold its stake in Jordan’s Central Electricity Generating Company.
DIC’s assets include UK hotel chain Travelodge, Doncasters and European aluminium maker Almatis Holdings BV.
Dubai Holding holds a substantial portfolio of brands in the property and hospitality sectors, organised under three main groupings: Dubai Holding Commercial Operations Group (DHCOG) , Dubai International Capital and Dubai Group. (Reporting by Dinesh Nair, Editing by Sitaraman Shankar)