Emaar has confirmed that it has sold its 5-star 169-key property, Address Sky View, in downtown Dubai to an undisclosed buyer for Dhs750m.
In a statement made to the Dubai Financial Market on Wednesday, January 6, Emaar said that it has disposed 100 per cent shares of the subsidiary ASV Group Limited (owner of the Sky View Hotel).
“The company has decided to divest this asset because it is in line with the assets light strategy for [the] company’s hospitality assets,” it said.
It added that the value of the transaction against its net assets as of December 31, 2020, was 1.4 per cent.
The deal was signed on October 8, 2020 with this deal executed on December 31, 2020. “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 operation is yet to be fully completed. The expected closing is January 15, 2021,” it said in its filing.
Although Emaar has sold the property, it said that it will retain ownership of the Skybridge restaurant located within the hotel.
In 2018, Emaar signed an agreement with Abu Dhabi National Hotels (ADNH) to divest its entire economic interest in a portfolio of five hotels in Dubai. These included Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown, which together accounted for around 1,000 hotel rooms.