By Shane McGinley
Reports that portfolio of budget hotels is being touted to buyers are ‘speculation’, says no-frills hotel chain
InterContinental Hotels Group, owner of the Holiday Inn Express brand, has dismissed market talk its partner Dubai International Capital is to sell the four hotels it operates in the emirate.
The four Holiday Inn Express hotels, operated under a joint partnership between DIC and Ishraq Dubai LLC, were being touted to buyers as part of an asset sale, the UK’s Financial Times said.
Dubai International Capital (DIC) is a subsidiary Dubai Holding, the government-owned investment company currently seeking to restructure around $9bn in debt.
“At the moment the story is speculation,” a regional spokesperson for IHG told Arabian Business. The spokesperson did not clarify whether talks were ongoing.
DIC and Ishraq Dubai had planned to open 20 hotels across the Gulf, however the expansion was put on hold following the global economic crisis.
Dubai Holding is believed to be looking to sell off some its assets to fund its repayments.
DIC did not respond to requests for comment.
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IMF says, a Global Crisis this year is possible. Such a rumour can snatch away all the speculations and replace with reality.