Emaar Hospitality Group has revealed that the launch of five Dubai hotels and the sale of five hotel assets to Abu Dhabi National Hotels (ADNH) are being financed separately.
Speaking to Hotelier Middle East’s sister title Construction Week, a representative from Emaar said that both deals were “unrelated” and are part of “masterplanned developments” by the firm.
Emaar’s five new properties in Dubai, which will open by the end of 2019, will be operated under its luxury brands Address Hotels and Resort and Vida Hotels and Resorts.
Two of the address hotels — Address Fountain Views and Address Sky View — will open in Downtown Dubai. The three other hotels to open in Dubai are Vida the Hills, Vida Harbour Point and Rove at the Park.
Emaar Hospitality Group confirmed the sale of its Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown, and Manzil Downtown hotels to ADNH in November 2018.
“[All hotels] are financed as part of the capital outlay for the master-developments they are part of, and are unrelated to the sale of hotels to ADNH,” a representative told Construction Week.
“Any plans to sell other hotel assets will be evaluated on a case-by-case basis. We will continue to explore new hospitality opportunities with a focus on management agreements in line with our strategy to be asset-light. In fact, nearly two-thirds of our upcoming hotel projects are under management agreements.”